Gold Star Ltd began operations on 1 July 2019. On that date the company purchased several non-current assets, details of which follow:
Vehicles |
Equipment |
Furniture |
|
Cost |
$88,000 |
$190,000 |
$48,000 |
Depreciation rate: |
|||
Accounting |
25% |
25% |
25% |
Tax |
40% |
30% |
50% |
Method |
Reducing Balance |
Straight-line |
Straight-line |
Residual |
10% |
Zero |
Zero |
Additional information:
Calculate taxable income and current tax liability using the schedule entitled “Current Tax Worksheet”. Provide the journal entry to record current tax liability. Exclude journal narrations.
General Journal
Date |
Accounts |
Dr |
Cr |
|
Please used this template
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