Current tax and Deferred tax

Hi all,

I have some case studies about the treatment of current tax and deferred tax, please help me. Assume that the company had accounting profit before tax is $100 million.

1. ABC operates a defined benefit plan. The fair values of plan assets were $216 million at 31 March 2021 and $228 million at 1 April 2020. The present values of plan obligations were $251 million at 31 March 2021 and $243 million at 1 April 2020. Employees earned entitlements of $25 million during the year. The terms of the plan were amended during the year, increasing the present value of the obligation by $12 million. Chalice contributed $5 million to the plan during the year and the yield on high quality corporate bonds was 6% at 31 March 2021 and 4% at 1 April 2020. Plan members received $3 million of benefits during the year.

2. ABC entered into a non-cancellable contract to rent machinery to an external party for 3 months, from 1 March 2021. The agreed rent was $5 million per month payable in full at commencement of the contract, on 1 March. Chalice recognised $5 million income received as at 31 March 2021 and accrued the balance.