Reference no: EM132873303
Canterbury company made an accounting profit of $4,000,000 for the year ended December 31, 2017. Included in the accounting profit were the following items of income and expense:
Donation to political parties (non deductible) 1,000,000
Depreciation - 20% 1,600,000
Annual leave expense 700,000
Rent revenue 1,200,000
For tax purposes, the depreciation rate is 25%, the annual leave paid is 800,000 and rent received is 1,000,000. The entity follows the cash basis for tax purposes. The income tax rate is 30%
Problem 1: What is the current tax liability on December 31, 2017?
a) 1,200,000
b) 1,290,000
c) 1,368,500
d) 1,150,000
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