Application & Analysis Exercise: 12.14 Part 1 (amendments have been made, use only the information below instead of what is in the textbook). The profit before tax, as reported in the statement of profit and loss for Albury Ltd for the year ended 30 June 2024, amounted to $400 000, including the following revenue and expense items. $ Sales revenue Interest revenue Government grant (non-taxable) Gain on sale of equipment Cost of sales Bad debts expense Depreciation expense - equipment Depreciation expense - plant Research and development expense Wages expense Long service leave expense 2 600 000 200 000 200 000 40 000 1 600 000 40 000 40 000 80 000 240 000 480 000 80 000 The draft statements of financial position of Albury Ltd at 30 June 2023 and 30 June 2024 showed the following assets and liabilities. 2023 2024 $ $ 120 000 600 000 280 000 (40000) 80 000 Assets Cash Inventories Accounts receivable Allowance for doubtful debts Interest receivable Equipment Accumulated depreciation equipment Plant Accumulated depreciation - plant Goodwill Deferred tax asset Liabilities Accounts payable Wages payable Revenue received in advance 120 000 400 000 200 000 (20 000) 100 000 120 000 (60 000) 800 000 (160 000) 60 000 132 000 800 000 (240 000) 60 000 2 240 000 200 000 160 000 320 000 80 000 2023 2024 Loan payable Provision for long service leave Deferred tax liability 800 000 160 000 96 000 400 000 120 000 ? For tax purposes: o the gain on the sale of equipment is $30 000. (the equipment was sold on 1 July 2023) o plant is depreciated straight line over 5 years (no residual value). o the government allows a tax deduction on research and development (R&D) expenditure equal to 150% of cash spent in the year. The cash spent on R&D for 30 June 2024 is $240 000. o The company tax rate is 30%. Required 1. Prepare the current tax worksheet and the journal entry to recognise current tax at 30 June 2024