For the year ended 30 June 2022, Chilli Ltd had a taxable profit of $460 000. The following comparative information was ascertained from the tax calculations of Chilli: 2021 2022 Deferred tax asset Deferred tax liability $156 000 $80 000 $184 000 $68 000
For the year ended 30 June 2022, Chilli Ltd had a taxable profit of $460 000. The following comparative information was ascertained from the tax calculations of Chilli: 2021 2022 Deferred tax asset Deferred tax liability $156 000 $80 000 $184 000 $68 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![For the year ended 30 June 2022, Chilli Ltd had a taxable profit of $460 000. The following
comparative information was ascertained from the tax calculations of Chilli:
2021
2022
$184 000
$68 000
Deferred tax asset
Deferred tax liability
$156 000
$80 000
Required:
Suppose the tax rate is 30 per cent. Prepare the journal entries to account for the income tax
expenses of Chilli Ltd for the year ended 30 June 2022 in accordance with AASB 112 Income
Taxes.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0da8f1c9-4343-4f72-a6f1-5d707869b084%2F1e56d46b-718f-4f67-965f-0b4c29a77e36%2Fqi3q6w9.png&w=3840&q=75)
Transcribed Image Text:For the year ended 30 June 2022, Chilli Ltd had a taxable profit of $460 000. The following
comparative information was ascertained from the tax calculations of Chilli:
2021
2022
$184 000
$68 000
Deferred tax asset
Deferred tax liability
$156 000
$80 000
Required:
Suppose the tax rate is 30 per cent. Prepare the journal entries to account for the income tax
expenses of Chilli Ltd for the year ended 30 June 2022 in accordance with AASB 112 Income
Taxes.
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