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A company purchases an asset for $1,000,000 on 1 January 20X2. It is estimated that the asset will have a five year useful life and no residual value. Tax allowances are as follows.
The rate of income tax is 30% for the forseeable future and the company discounts all liabilities, wherever allowed, at 4%. The asset is depreciated on a straight line basis. Calculate the minimum deferred tax liability allowed by IAS 12 as at 31 December 20X2. The discount factors for 5 years at 4% are: 0.962, 0.925, 0.889, 0.855, 0.822. A. $120,000. B. $108,930. C. $363,100. D. $400,000. |