A manufacturer of calculators prepares its financial statements in accordance with International Accounting Standards every year. On 31 December 2017, the taxation liability account in its books showed a credit balance of GH11,500 after paying the 2016 liability. The estimated liability for 2017 is GH34,000 and no entry has yet been made to record this. Required: Explain the appropriate accounting treatment of the above transaction for the year end 31 December 2017.