5. In your own words, explain the meaning of 'the tax base of an asset/liability' and how this differs from the asset's/liability's carrying amount. 6. Calculate the carrying amount and the tax base of the following assets and liabilities at 30 June 2024 using the following table (for each part, briefly explain, either showing your workings or providing a written explanation, how you determined the tax base): Account Carrying amount Taxable amount Deductible amount Tax base i. In July 2023, the company capitalised $750 000 incurred in designing improved hearing aids. Expenditure on research and development is deductible in full for tax purposes when paid but amortised over five years for accounting purposes. ii. Borrowing costs associated with financing land held for resale have been capitalised. The borrowing costs paid in June 2024 amounted to $50 000 and will be expensed for accounting purposes when the land is sold. iii. The closing balance of the Allowance for doubtful debts at 1 July 2024 was $7 500, after accruing a further $4 500 and writing off $6 000 as bad debts during the year ended 30 June 2024. Accounts receivable at 30 June 2023 was $213 000 and the balance at