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| C9- 1.
Kanas Co.’s tax related accounts has below balance as at 30 Sep 2010 Income tax 400 (credit) Deferred tax 11,200 (credit) The balance of income tax represent the under/over provision of the previous year’s estimate. The estimated tax liability for the year ended 30 Sep 2010 is $18.7 million. At 30 Sep 2010 there were $40 million of taxable temporary difference. Income tax rate is 25%
Required: Please to calculate income tax expense for year 2010 and defer tax, current tax payable as at 30/9/2010 |