[12:03 pm, 09/10/2023] sam: MR Ltd commences operations on 1 July 2022 and presents its first statement of profit or loss and other comprehensive income and first statement of financial position on 30 June 2023The statements are prepared before considering taxationThe following information is available: Statement of profit or loss and other comprehensive income for the year ended 30 June 2023 Gross profit 730 000 Expenses Administration expenses 80 000 Salaries Long-service leave 20 000 Warranty expenses 30 000 Depreciation expense-plant 80 000 Insurance 20 000 430 000 Accounting profit before tax Other comprehensive income Nil Practice Question from Tutorial- 18.27 Cont Assets and liabilities as disclosed in the statement of financial position as at 30 June 2023 ($) Assets Cash 20 000 Inventory Accounts receivable Prepaid insurance 10 000 Plant-cost less Accumulated depreciation (80 000) 320 000 Total assets Liabilities 80 000 Accounts payable Provision for warranty expenses Loan payable 20 000 Provision for long-service leave expenses 20 000 Total liabilities 320 000 Net assets 230 000 [12:04 pm, 09/10/2023] sam: Other information All administration and salaries expenses incurred have been paid as at year end None of the long-service leave expense has actually been paidIt is not deductible until Warranty expenses were accrued and, at year end, actual payments of $10 000 had been made (leaving an accrued it is actually paid balance of $20 000)Deductions are available only when the amounts are paid and not as they are accrued Insurance was initially prepaid to the amount of $30 000At year end, the unused component of the prepaid insurance amounted to $10 000Actual amounts paid are allowed as a tax deduction Amounts received from sales, including those on credit termsare taxed at the time the sale is made The plant is depreciated over five years for accounting purposes, but over four years for taxation purposes The tax rate is 30 per cent REQUIRED Provide the journal entries to account for tax in accordance with AASB 112