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Here are the instructions clearly below… I have three activities to complete, here is a brief summary of all three.
1. Prepare all necessary journal entries to record the information.
2. Record payment of interest on debentures.
3. Write a narration for each journal entry.
1.Prepare a statement of comprehensive income for Centro LTD.
1. Prepare an Income statement (before permanent differences) for the year ended 30 June 2012.
2. Prepare a statement to determine taxable income.
3. Calculate the amount of tax payable.
4. Complete the general journal entry to determine income tax expense for the year ending 30 June 2012.
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