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  3. b. nguyen limited acquired purchased a vehicle on

b. Nguyen Limited acquired purchased a vehicle on 1 July 2018 at a cost of...

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Accounting

image b. Nguyen Limited acquired purchased a vehicle on 1 July 2018 at a cost of $120000. The vehicle had a useful life of 5 years, and the company adopts the straight-line basis of depreciation. On 1 July 20212019, the company reassessed the useful life of the vehicle down from the remaining 4 years to an expected 3 years. The accounting depreciation charge was adjusted accordingly. Because of a change in economic conditions, the vehicle was sold for $55000 on 30 June 2023 2021. The tax depreciation rate for this type of vehicle was 40% p.a. The company tax rate is 30%. Required: Calculate the carrying amount and tax base of the asset and determine the deferred tax entry in relation to the vehicle for the year ended 30 June 2019 , 2020, and 2021. Explain your

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