Income tax payable

Hello Mr Chris, In the following question I have a doubt about the tax ,it says the there should be an income tax provision of 27.2 M but this at the same time considered to tax payable,so is it necessarily that the income tax expense for the years which is shown in the P&l had been paid or it can be still payable. Thanks ------------------------------------------------------------------------------------------------------------------------------ Atlas Co 36 mins The following trial balance relates to Atlas Co at 31 March 20X3. $'000 $'000 Equity shares of 50 cents each 50,000 Share premium 20,000 Retained earnings at 1 April 20X2 11,200 Land and buildings – at cost (land $10 million) (note (i)) 60,000 Plant and equipment – at cost (note (i)) 94,500 Accumulated depreciation at 1 April 20X2: – buildings 20,000 – plant and equipment 24,500 Inventories at 31 March 20X3 43,700 Trade receivables 42,200 Bank 6,800 Deferred tax (note (ii)) 6,200 Trade payables 35,100 Revenue 550,000 Cost of sales 411,500 Distribution costs 21,500 Administrative expenses 30,900 Dividends paid 20,000 Bank interest 700 Current tax (note (ii)) 1,200 725,000 725,000 The following notes are relevant: (i) Non-current assets: On 1 April 20X2, the directors of Atlas Co decided that the financial statements would show an improved position if the land and buildings were revalued to market value. At that date, an independent valuer valued the land at $12 million and the buildings at $35 million and these valuations were accepted by the directors. The remaining life of the buildings at that date was 14 years. Atlas Co does not make a transfer to retained earnings for excess depreciation. Ignore deferred tax on the revaluation surplus. Plant and equipment is depreciated at 20% per annum using the reducing balance method and time apportioned as appropriate. All depreciation is charged to cost of sales, but none has yet been charged on any non-current asset for the year ended 31 March 20X3. (ii) Atlas Co estimates that an income tax provision of $27.2 million is required for the year ended 31 March 20X3 and at that date the liability to deferred tax is $9.4 million. The movement on deferred tax should be taken to profit or loss. The balance on current tax in the trial balance represents the under/over provision of the tax liability for the year ended 31 March 20X2. Required (a) Prepare the statement of profit or loss and other comprehensive income for Atlas Co for the year ended 31 March 20X3. (8 marks) (b) Prepare the statement of financial position of Atlas Co as at 31 March 20X3. (10 marks) (c) Calculate basic earnings per share for the year ended 31 March 20X3. (2 marks)