Please refer to attached, Would it be possible to get this done tomorrow?
RMIT Classification: Trusted ACCT 2178 – Contemporary Financial & Integrated Reporting Assessment Task Two: Session 2, 2020 Weekly Work Marks: 35% of total assessment Weekly Work generally Weekly Work will consist of different tasks relating to a particular module, including: 1) contributing to discussions on the discussion board on questions relating to the module; 2) submitting answers to questions relating to the module in the assignment box on Canvas; or 3) a combination of 1) and 2), that is contributing to discussions on the discussion board on particular question(s) relating to the module and submitting answers to other questions relating to the same module in the assignment box on Canvas. Contribution of Weekly Work towards your Final Assessment in ACCT 2178 Module Contribution to your Final Assessment Module 1 3% Modules 2, 4, 5, 6, 7, 8, 9, and 10 4% each for 8 different Modules: 4% x 8 modules 32% Total Contribution of Weekly Work towards your Final assessment in ACCT 2178 35% Weekly Work for Module 7: submit an answer to the question below on Canvas Weekly Work relating to Module 7 counts as 4% towards your final assessment in ACCT 2178. For Module 7, you need to submit an answer to the questions below relating to module 7 in the assignment box on Canvas. Question 1: Submit to Assignment Box Question[3% of your Final Assessment] Kali Ltd reported a Profit before Income Tax Expense of $1,700,000 for the year ended 30 June 2020. Additional Information 1) On 1 July 2016, Kali Ltd purchased a building at a cost of $3,000,000. For accounting purposes, the building is depreciated on a straight-line basis over 30 years, with zero residual value. For income tax purposes the building is depreciated 5% on cost per annum. 2) On 30 June 2019, the balance of the provision for warranty expenditure in Kali Ltd’s accounts was $450,000. During the year ending 30 June 2020, Kali Ltd provided an additional $250,000 for warranty expenditure, and paid warranty expenditure of $290,000. For income tax purposes, warranty expenditure is deductible when it is paid. 3) On 9 September 2015, Kali Ltd purchased Land at a cost of $950,000. On 30 June 2020, the land was revalued to $1,300,000. 4) On 30 June 2020, Kali Ltd recognised a goodwill impairment loss expense of $320,000. For income tax purposes, goodwill impairment loss is not tax deductible. 5) The company income tax rate is 30%. Required: a) Calculate the balance of the deferred tax assets and deferred tax liabilities at 30 June 2019 and 30 June 2020 for Kali Ltd, in accordance with AASB112: Income Taxes. Show all workings necessary to derive your answer. b) Calculate taxable income and income tax payable for Kali Ltd for the financial year ending 30 June 2020. Show all workings necessary to derive your answer. c) Prepare the journal entry for Kali Ltd, to record income tax for the financial year ending 30 June 2020, in accordance with AASB112: Income Taxes. Show all workings necessary to derive your answer. Advice: For examples of solutions to income tax questions, see Question 3, ACCT 2178 Session 3, 2018 Exam and Exam Solution; Question 3, ACCT 2178 Session 2, 2018 Exam and Exam Solution; and Question 3, ACCT 2178 Session 3, 2017 Exam and Exam Solution. Past Exams and Exam Solutions are located on the ACCT 2178 Canvas site in “Modules”, scroll to the bottom to “Extra Resources”, where you will find “Past Exams and Solutions – ACCT 2178”. Question 2: Submit to Assignment Box Question[1% of your Final Assessment] Refer to Cochlear Ltd’s Annual Report 2020: https://www.cochlear.com/au/en/corporate/investors/annual-reports What are the amounts of Deferred Tax Assets and Deferred Tax Liabilities disclosed by Cochlear Ltd at 30 June 2020? Explain the rationale for the amounts of Deferred Tax Assets and Deferred Tax Liabilities recognised by Cochlear Ltd, using the information provided by Cochlear Ltd, in its notes to financial statements. Due Date: Monday, 21 September 2020 ACCT 2178, Weekly Work, Module 7Study Session 2, 2020