A long established manufacturer, X, purchased a machine for the company on 1 January 2022 at a cost of 40,000. Accounts are prepared on a calendar year basis. The machine is anticipated to have a 5 year useful life and a net residual value of 10,000. The company is granted a capital allowance of 25% reducing balance based on the initial cost (no adjustment is made for residual value) and over a five year period. (a) Illustrate deferred taxation accounting using this case, covering the deferred method and the liability method and giving the impacts on the income statements and statements of financial position of these alternative methods over the period of the machine's useful life. (15 marks) (b) Compare, contrast and critically assess the two methods covered in part (a). Do you think there is a case for abandoning deferred taxation accounting altogether? (5 marks)