For the year ended 30 June 2012 Miranda Ltd has the following information:Revenues:$939,000Expenses (excl. Depreciation):$424,000The firm’s only asset is a machine which cost $59,000.  The machine is depreciated over 4 years for tax purposes and 4 years for accounting purposes   Tax rate is 30%The tax entry ay 30 June 2012 is as follows:Dr. Income tax expenseaa Cr. Income tax payable bbCr. Deferred tax liability ccCalculate and enter the amount of cc in the answer block below:

Crouch LLC placed in service on May 19, 2023, machinery and equipment (seven-year property) with a basis of $3,200,000. Assume that Crouch has sufficient income to avoid any limitations. Calculate the maximum depreciation deduction including §179 expensing (but ignoring bonus depreciation). (Use MACRS Table 1.)

On Jan 2 year 1, X Co purchased a machine for 70000 USD (5 year useful life and salvage value 10,000). Depreciated using SLM for financial statement purpose. For tax purpose, depreciation exp was 25K in year 1 and 20,000 for Y2. X's Year 2 book income before income tax and dep exp was 100,000 and its tax rate is 30%. If X had made no estimated tax payments during Year 2, what amount of current income tax liability would X report in its Dec 31 Y2 Balance Sheeta.26400b.22500c.25800d.24000

Last year Cole Furnaces had $5 million in operating income (EBIT). The companyhad a net depreciation expense of $1 million and an interest expense of $1 million; itscorporate tax rate was 40%. The company has $14 million in operating current assetsand $4 million in operating current liabilities; it has $15 million in net plant andequipment. It estimates that it has an after-tax cost of capital of 10%. Assume thatCole’s only noncash item was depreciation.a. What was the company’s net income for the year?b. What was the company’s net cash flow?c. What was the company’s net operating profit after taxes (NOPAT)?d. Calculate net operating working capital and total net operating capital for thecurrent year.e. If total net operating capital in the previous year was $24 million, what was thecompany’s free cash flow (FCF) for the year?f. What was the company’s Economic Value Added (EVA)?

A company commenced business on 1 July 2022. On 30 June 2023, an extract of the statement of financial position prepared for internal purposes, but excluding the effect of income tax, disclosed the following information:  AssetsLiabilitiesCash$20,000Accounts Payables$50,000Inventories60,000Provision for annual Leave8,000Plant200,000  Accumulated Depreciation(20,000)   Additional information:  The plant was acquired on 1 July 2022. Depreciation for accounting purposes was 10% (straight-line method), while 20% (straight-line) was used for tax purposes. The tax rate is 30%.The deferred tax liability and deferred tax asset are:Group of answer choicesDTL = $2,400 and DTA = $6,000DTL = $20,000 and DTA = $8,000DTL = $8,000 and DTA = $20,000DTL = $6,000 and DTA = $2,400

Abigael Company purchased a tooling machine in 1993 for P2,500,000. The machine was being depreciated on the straight-line method over an estimated useful life of twenty years, with no salvage value. At the beginning of 2003, when the machine had been in use for ten years. Abigael Company paid P550,000 to overhaul the machine. As a result of this improvement, it is estimated that the useful life of the machine would be extended an additional five years. What should be the depreciation expense recorded for the above machine in 2003?