The Following Information Was Extracted from the Accounting Records of Penguin

question 1

Multiple Choice

The following information was extracted from the accounting records of Penguin Pty Ltd for the year ended 30 June 20X9:
$\begin{array} { l r } &\$\\\text { Interest revenue } & 500000 \\\text { Sales revenue } & 5000000 \\\text { Dividend revenue } & 1500000 \\\text { Depreciation expense } & 700000 \\\text { Wages and annual leave expense } & 1500000 \\\text { Other expense } & 3000000\end{array}$
The company income tax rate is 30%.
The annual leave expense totaled $300 000, and $100 000 of annual leave was paid during the year.
The dividend revenue is not assessable income.
-What is Penguin Ltd's period profit or loss (accounting profit after tax) using the balance sheet method of tax effect accounting?

• A)$1 260 000
• B)$1 710 000
• C)$1 800 000
• D)$300 000

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