2 Application & Analysis Exercise: 12.13 Part 1 (Loftus et al, 2020, Chapter 12). Amendments have been made, use only the information below instead of what is in the textbook Bond Ltd's accounting profit before tax for the year ended 30 June 2024 was $150 000 and included the following items of revenue and expenses Royalty revenue $ 20 000 Bad debts expense 21 000 Insurance expense 18 000 Depreciation expense-equipment 52 000 Depreciation expense-buildings 20 000 Accrued expenses 60 000 45 000 Warranty expense At 30 June 2023 and 30 June 2024, the company's draft statements of financial position (extracts) showed the following balances Assets Accounts receivable Allowance for doubtful debts Prepaid insurance 2023 2024 300000 420000 (15000) (21500) 20000 15000 200000 260000 (100000(152000) 400000 400000 Equipment Accumulated depreciation-equipment Buildings Accumulated depreciation-buildings (140000) (160000) Liabilities Accrued expenses Warranty payable 120000 90000 70000 50000 9000 Current tax liability Additional information. The company tax rate is 30%. The equipment is depreciated on a straight-line basis over 5 years for accounting purposes and over 4 years for taxation purposes. The equipment is not expected to have any residual value. The only movement in the equipment account during the year ended 30 June 2024 was a result of Bond Ltd acquiring new equipment on 1 July 2023 The buildings are depreciated on a straight line basis over 20 years for accounting purposes and are not expected to have any residual value. Depreciation of buildings is not allowed to be claimed as a deduction for tax purposes. There is no movement in the Buildings account during the year ended 30 June 2024. Required 1. Prepare the current tax worksheet and the journal entry to recognise current tax at 30 June 2024