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1. Liscome Co’s accounting records shown the following:

Income tax payable for the year                                          $75,000

Over provision in relation to the previous year               $5,400

What is the income tax expense that will be shown in the statement of profit or loss for the year?

Opening provision for deferred tax                                    $3,200

Closing provision for deferred tax                                      $4,100

2. The trial balance of Cross wood Co at 31 March 2019 showed credit balances of $1,600,000 on current tax and $5.2 million on deferred tax. A property was revalued during the year giving rise to deferred tax of $7. 5 million. This has been included in the deferred tax provision of $13.5 million at 31 March 2019.
The income tax liability for the year ended 31 March 2019 is estimated at $38.8 million.
What will be shown as the income tax charge in the statement of profit or loss of Cross wood at 31 March 2019?

3. Volton Co's trial balance shows a debit balance of $1.9million brought forward on current tax and a credit balance of $6.3 million on deferred tax. The tax charge for the current year is estimated at $15.8 million and the carrying amounts of net assets are $11 million in excess of their tax base. The income tax rate is 30%
What amount will be shown as income tax in the statement of profit or loss of Volton Co for the year?
4. Cola Co's trial balance at 31 December 2019 shows a debit balance of $900,000 on current tax and a credit balance of $9,200,000 on deferred tax. The directors have estimated the provision for income tax for the year at $7.7 million and the required deferred tax provision is $5.6 million, $1.8 million of which relates to a property revaluation.

What is the tax liability recognised in Cola Co's statement of financial position for the year ended 31 December 2019?

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