Accounting · Income Tax Expense

Speculate Co is preparing its financial statements for the year ended 30 September 20X3. The existing debit balance on the current tax account of $2.4m represents the under-provision of the tax liability for the previous year. A provision of $28m is required for income tax for the current year. The existing credit balance on the deferred tax account is $2.5m and the provision required at 30 September 20X3 is $4.4m. Calculate the total amount which will be recognized as an income tax expense in the statement of profit or loss for the year ended 30 September 20X3.