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On 1 July 2020, the company purchased furniture for its offices at a cost of $120,000. $60,000 of this purchase was paid in cash and the remainder was funded via a secured loan (repayable in 5 years) with their financiers. It is estimated that the furniture will have a useful life of 6 years with no residual value. For tax purposes the furniture has a useful life of 4 years. On 30 June 2021, a valuer determined that the fair value of the furniture was $110,000.
Question 1: Provide journal entries for this transaction including narrations. You will need to include a table which shows any temporary differences in how/if you have calculated any deferred tax assets or liabilities. Which current note numbers (using the 2020 Annual report) to the company accounts will be affected by this transaction?
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