All amounts are in Australian dollars. Ignore GST. Chowfew Pty Ltd (Chowfew) is a resident Australian company that commenced business on 1 July 2022 and sells music equipment to retail customers. For the income year ended 30 June 2023, Chowfew's aggregated turnover was $35 million and its accounting profit was $100,000. Chowfew has provided the following extract from its balance sheet for the income year: Balance sheet Notes As at 30 June 2023 $ Assets Sales receivable Dividend receivable Prepaid rent Provision for doubtful debts Right-of-use assets Sales invoiced in June 2023 and received in July 2023 Dividend declared on 1 June 2023 from a non- portfolio shareholding in a foreign company. The dividend was paid and received in August 2023 Rent paid on 25 June 2023 for the period from 1 July 2023 to 31 December 2023 Debts that are likely to be written off in November 2023 180,000 3,000 15,000 (20,000) Leased assets worth $80,000 less amortisation of $10,000 70,000 Liabilities Right-of-use liability The lease payments were $7,000, being $5,000 of principle and $2,000 of interest (75,000) Accrued annual leave Unpaid annual leave balance (8,000) Required Calculate Chowfew's taxable income for the income year ended 30 June 2023 by preparing a reconciliation from accounting profit to taxable income and calculating the correct tax adjustment/s (even if the adjustment is nil). Show all workings. For each net adjustment (including nil adjustments), provide the most relevant section reference. Assume the above extracts from Chowfew's balance sheet contain the only possible tax adjustments.