What is Sparkle’s corrected profit for the year after accounting for the above issues

David Ltd commences operations on 1 July 2020 On the same date, it purchases a  machine at a cost of $1000 000 The machine is expected to have a useful life of 4 years, with benefits being uniform throughout its life. It will have no residual value at the end of 4 years Hence, for accounting purposes the depreciation expense would be $250 000 per year For taxation purposes, the ATO allows the company to depreciate the asset over three years—that is, $200 000 per year The profit before tax of the company for each of the next four years (years ending 30 June) is $600 000, $700 000, $800 000 and $900 000 respectively The tax rate is 30 per cent. Required: 1. Calculate the taxable profit on 30 June 2021,  30 June 2022,  30 June 2023.2. Record the necessary journal entries.

Alankar Ltd. commenced business on 1st January 2018, when they purchased plant and equipment for 9,00,000. They adopted a policy of charging depreciation at 15% per annum on diminishing balance basis and over the years, their purchases of plants have been as follows01/01/2019 - Rs. 3,50,000 01/01/2022 - Rs. 4,00,000 On 1/1/2022 it was decided to change the method and rate of depreciation to straight line basis. On this date remaining useful life was assessed as 6 years for all the assets purchased before 1/1/2022 with no scrap value and 10 years for the asset purchased on 1/1/2022. Prepare depreciation schedule for 5 years. Books of accounts are closed on 31st December every year.

PPE cost €900,000 and has an estimated useful life of 3 years to an estimated salvage value of zero. The company uses straight-line depreciation but the tax authority gives allowances in the following accelerated form: 2017 is €500,000  2018 is €300,000  2019 is €100,000 And company EBITDA was: 2017 €900,000  2018 €950,000  2019 €1,020,000 And the statutory tax rate is 40% and has an effective tax rate of 36%. Calculate the firms’ tax payable, tax expense, deferred tax liability recorded in the balance sheet each year end and tax base for the asset for each year.