12.4 Calculation of current tax Magpalitan Ltd recorded an accounting profit before tax of $100 000 for the year ended 30 June 2025. Included in the accounting profit where the following items of revenue and expense Entertainment expenses (non-deductible) $ 2 000 Depreciation expense - furniture (10% p.a., straight-line) 17 000 Rent revenue 2 500 For tax purposes the following applied: Depreciation rate - furniture Rent received Income tax rate 15% $3000 30% Required: 1. Use a current tax worksheet to calculate the current tax liability for the year ended 30 June 2025. Prepare the journal entry to record current tax. 2. Explain the future tax effect of the adjustment made in requirement 1 for rent revenue/received