In 2023, an interest of $4000 relating to the construction of the windfarm was expensed. Interest costs of $3000 were expensed in 2022, $3900 was expensed in 2021 and $2200 was expensed in reporting periods prior to 2021. 2. No depreciation has been charged on the wind farm as it has not yet been commissioned. 3. The tax rate has remained at 30 percent for the past three years. REQUIRED: Redraft the statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of financial position (extract) so as to comply with generally accepted accounting practice and all relevant accounting standards.

In 2023, an interest of $4000 relating to the construction of the windfarm was expensed. Interest costs of $3000 were expensed in 2022, $3900 was expensed in 2021 and $2200 was expensed in reporting periods prior to 2021. 2. No depreciation has been charged on the wind farm as it has not yet been commissioned. 3. The tax rate has remained at 30 percent for the past three years. REQUIRED: Redraft the statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of financial position (extract) so as to comply with generally accepted accounting practice and all relevant accounting standards.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 43P

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