I calculate the estimated amount of corporate income tax


(a) The following is an extract from KM's income statement for the year ended 31 March 2011:$Revenue 966,000Cost of salesGross profit 446,000(520,000)Administrative expenses (174,000)Distribution costs 232,000(40,000)Finance costProfit before tax(67,000)165,000Cost of sales includes depreciation charges of $42,000 for property, plant andequipment. Distribution costs include a depreciation charge for a new vehicle (seebelow). Included in administrative expenses are entertainment costs of $9,800.KM had been selling through retail outlets, but from1 April 2010 began selling on theinternet and delivering to customers as well. KM purchased its first delivery vehicle on 1April 2010 for $18,000. The vehicle qualifies for a first year tax allowance and isdepreciated on a straight line basis over six years.The property, plant and equipment (excluding the delivery vehicle) qualified for taxdepreciation allowance of $65,000 in the year ended 31 March 2011.

Required:

(i) Calculate the estimated amount of corporate income tax that KM is due to payfor the year ended 31 March 2011.

(ii) Calculate the income tax expense charged to the statement ofcomprehensive income for the year ended 31 March 2011.

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Macroeconomics: I calculate the estimated amount of corporate income tax
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