Prepare the deferred tax worksheet and journal entries

? The tax deduction for plant depreciation was $57,600. Accumulated depreciation at 30 June 2019 for taxation purposes was $312,960. ? In the previous year, ‘X’ Ltd had made a tax loss of $36,800. ‘X’ Ltd recognised a deferred tax asset in respect of this loss. ? The tax rate is 30%. Required: (a) Prepare the current tax worksheet and journal entry/entries to calculate and record the current tax for the year ended 30 June 2020. (11 marks) (b) Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts for the year ended 30 June 2020. (7 marks)

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