Use the Information Given Below at 30 June 2016 to Answer

question 29

Multiple Choice

Use the information given below at 30 June 2016 to answer the following question.

What is the balance of shareholder equity?

• A) $200 000
• B) $360 000
• C) $660 000
• D) None of the answers provided

---

Definitions:

Fair Value

The price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Deferred Income Tax

A liability recorded on the balance sheet to reflect taxes that are incurred but not yet paid, due to differences in accounting methods for financial reporting and tax purposes.

Income Tax Expense

Income Tax Expense is the amount of money that a company or individual owes to the government in the form of taxes on their income.

Tax Liability

The total amount of tax owed to governmental authorities.