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| (b) Nimoy purchased an item of heavy industrial machinery for $90,000 on 1 October 20X5. It had an estimated useful life of 10 years and a residual value of $5,000. Plant and machinery is depreciated on a straight-line basis. The tax authorities do not allow depreciation as a deductible expense. Instead,tax relief is granted based on an allowable deduction of 30% of the cost of the asset in the year in which the asset is acquired followed thereafter by an annual allowable deduction of 15% calculated on a reducing balance basis. The applicable rate of income tax throughout is 20%. Required (i) In respect of the above item of machinery, prepare extracts from the financial statements of Nimoy for the year ended 30 September 20X8 showing the impact of deferred tax. (6 marks) |