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D Ltd, a profitable company, purchased a machine on 1 July 2023 at a cost...

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Accounting

D Ltd, a profitable company, purchased a machine on 1 July 2023 at a cost of $180000. The machine had a useful life of 5 years and the company adopts the straight-line basis of depreciation. The tax depreciation rate for this type of machine was 13% p.a. The company tax rate is 30%.
Prepare the deferred tax entry in relation to the machine on 30 June 2024.

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