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Phoenix Rising Ltd began operations on 1 st July 2017 by purchasing an existing business for $350,000. The fair values of the assets of the purchased...
Cash at Bank
19,000
Additional information:
· No debts were written off as bad during the year.
· For year ended 30th June 2018 the profit before income tax of Phoenix Rising Ltd was $57,000.
Required:
a) please help me make a schedule that shows the calculation of taxable income and current tax liability for Phoenix Rising Ltd for the year ending 30th June 2018.
b) please help me make a worksheet that shows the calculation of deferred tax liabilities and deferred tax assets for Phoenix Rising Ltd as at 30th June 2018.
Provide journal entries to record the current tax liability, deferred tax assets (if any) and deferred tax liabilities (if any). Offset is optional. Exclude journal narrations.
