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At the beginning of the year company P had an opening credit balance of $6,000 on its tax account. Payments of $4,000 were made to the tax authority during the year. At the end of the year, the tax due on its trading profits is $500,000 and it has reduced its deferred tax liability by $15,000. What is the charge for tax in the statement of profit or loss for the year? A. $513,000 B. $483,000 C. $500,000 D. $509,000 |