#27. MRLtd 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 2023. The statements are prepared before considering taxation. The following information is available: Statement of pront or loss and other comprehensive income for the year ended 30 June 2023 730 000 Gross profit Expenses Administration expenses Salaries Long-service leave Warranty expenses Depreciation expense-plant Insurance Accounting profit before tax Other comprehensive income 80 000 200 000 20 000 30 000 80 000 20 000 430 000 300 000 NII Assets and fobiilies as disclosed in the statement of financial position as at 30 June 2023 20 000 100 000 100 000 10 000 400 000 (80 000) Assets Cash Inventory Accounts receivable Prepaid insurance Plant-cost less Accumulated depreciation Total assets Liabilitles Accounts payable Provision for warranty expenses Loan payable Provision for long-service leave expenses Total liabilities Net assets 320 000 550 000 80 000 20 000 200 000 20 000 320 000 230 000 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 decuctible until it is actually paid. Warranty expenses were accrued and, at year end, actual payments of $10 000 had been made (leaving an accrued 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 $30 000, At year end, the unused component of the prepaid insurance amounted to $10 000. 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 18.1, 18.2, 18.3, 18.4