The CFO of Pfizer Antivirus Ltd has provided you the following data: Accounting profit (loss)($74,500)After debiting as expense: Goodwill impairment loss$5,000 Entertainment costs$15,000 Donation to political party$30,000 Depreciation expense – plant$50,000For tax purposes: Tax depreciation for plant$25,000 Long-service leave paid$10,000Prepare the Current tax worksheet and the Journal entry to record current tax liability on 30 June 2020.

The calculation of income for income tax purposes is different as compared to while calculating…

Answered: The CFO of Pfizer Antivirus Ltd has…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The CFO of Pfizer Antivirus Ltd has provided you the following data:

Accounting profit (loss)	($74,500)
*After debiting as expense:*
Goodwill impairment loss	$5,000
Entertainment costs	$15,000
Donation to political party	$30,000
Depreciation expense – plant	$50,000
*For tax purposes:*
Tax depreciation for plant	$25,000
Long-service leave paid	$10,000

Prepare the Current tax worksheet and the Journal entry to record current tax liability on 30 June 2020.

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