AC 306 TMA 22 x +) | 75% Question 3 The following information is extracted from the accounting records of Lolipop Bhd as at 30 June 2017: Carrying amountTax Base (RM000) Propery piant and RM'000) 50,400 48,000 11,000 vision for warranty 15,000 The company has a deferred tax liability of RM500,000 as at 1 July 2016. There are no temporary differences arising from its other assets and liabilities as at 30 June 2017. The company estimated that there would be insufficient taxable profits for the year ended 30 June 2017 to utilise deferred tax assets, if any. Income tax rate for 2017 is 20%. Required: a. Determine the vatue of deferred tax asset or deferred tax liability. Please (4 marks) show the workings b. Advise the company on the recognition of deferred tax asset or deferred tax deferred tax income or deferred tax expense for the year ended 30 June 2017 in accordance with MFRS 112 Income Taxes.(4 marks) liability and the