Accounting

On 29 June 2018 the statement of financial position of Orion Ltd included a deferred tax asset of $80 000 and a deferred tax liability of $180 000. On 30 June, it is ascertained that:

(a) the company had property, plant and equipment with a carrying amount of $2 450 000 and a tax base of $1 940 000;

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(b) the allowance for doubtful debts was $250 000;

(c) revenue received in advance and not yet included in taxable income was $80 000;

(d) prepaid rent not claimed as a tax deduction was $48 000;

(e) accounts payable was $532 000; and

(f) taxable income was $2 550 000 and the tax rate was 30%.

Required

Show the general journal entries, required by AASB 112, to record the income tax for the year ended 30 June 2018. Show all calculations.

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