24. MR Ltd commences operations on 1 July 2018 and presents its first statement of profit or loss and other comprehensive income and first statement of financial position on 30 June 2019. The statements are prepared before considering taxation. The following information is available: Statement of profit or loss and other comprehensive income for the year ended 30 June 2019 Gross profit 730000 Expenses Administration expenses 80000 Salaries 200000 Long-service leave 20000 Warranty expenses 30000 Depreciation expenseplant 80000 Insurance 20000 430000 Accounting profit before tax 300000 Other comprehensive income Nil Assels and liabilities as disclosed in the statement of financial position as at 30 June 2019 Assets Cash 20000 Inventory 100000 Accounts receivable 100000 Prepaid insurance 10000 Plantcost 400000 less Accumulated depreciation 80000 320000 Total assets 550000 Liabilities Accounts payable 80000 Provision for warranty expenses 20000 Loan payable 200000 Provision for long-service leave expenses 20000 Total liabilities 320000 Net assets 230000 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 paid. It is not deductible until it is actually paid. Warranty expenses were accrued and, at year end, actual payments of $10000 had been made (leaving an accrued balance of $20000). Deductions are available only when the amounts are paid and not as they are accrued. Insurance was initially prepaid to the amount of $30000. At year end, the unused component of the prepaid insurance amounted to $10000. Actual amounts paid are allowed as a tax deduction. + Amounts received from sales, including those on credit terms, are 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. LO 18.4, 18.5, 18.6