Reference no: EM132555753

The accounting profit before tax for Domino Ltd for the year ended 30 June 20X6 was $887,000.

Included in the accounting profit was the following item of expense:

$

Insurance expense             62,000

Additional information:

•  Insurance is deductible for taxation purposes when paid.
• The tax rate is 30% per annum.

An extract from the draft Statement of Financial Position for the company is as follows:

                                 30 June 20X6                   30 June 20X5

Assets                           $                                 $

Prepaid insurance              2,000                   6,000

Required:

Question 1: Write in the box below the amount of current tax payable by Domino Ltd for the year ended 30 June 20X6. Do not include any dollar signs or spaces in your answer.