Assignment Facts 1 Zeus Ltd was established on 1 July 2018 with share capital totalling $132,000. follows: One year later the statement of comprehensive income and statement of financial position were as Statement of comprehensive income for the year ended 30 June 2019 $ Sales revenue 650,000 Interest revenue 500 Dividend revenue 300 Exempt income 400 Capital profit on sale of land 700 651,900 Cost of sales 175,000 Depreciation on machinery 5,900 Depreciation on vehicles LOO Goodwill impairment loss 300 Salaries and wages 120,000 Annual leave 1,800 Rent of premises 72,000 Insurance 1,200 Entertainment 400 Fines and penalties 100 Fringe benefits tax 200 Warranty expense 600 Doubtful debts expense 200 Other expenses 194,100 571,900 Profit before income tax 80,000FO Other information: 30 June 2019. For tax purposes, depreciation on machinery is $14,000 and for vehicles $300, for the year ended Doubtful debts, annual leave and service warranties are expensed in the year ending 30 June 2019 but are not tax deductible for tax purposes until paid. Zeus Lid has accrued annual leave entitlements of $1,800 in calculating net profit for the year ended 30 June 2019. Service warranty expense is only deductible as a tax deduction when claimed by customers The company accrues doubtful debts expense as soon as it appears on a customer's account ap uncollectible. However, the bad debt is not allowable as a tax deduction until all avenues to collect the account have been exhausted. The tax rate is 30% and taxable income is $79,500. Requirements: A) Complete a deferred tax worksheet (8 marks). B) Complete the entry to account for taxes (2 mark) C) Complete a statement of comprehensive income showing as much detail as possible (5 marks).Statement of Financial Position as at 30 June 2019 Assets Cash 24,000 Accounts receivable 37,500 Less: Allowance for doubtful debts (200) 37,300 Interest receivable 100 Inventory 20,000 Prepaid insurance 300 Machinery (cost) 79,000 Less: Accumulated depreciation (5,900) 9 73,100-CA Vehicles 11,000 Less: Accumulated depreciation (100) 10,900 Goodwill 45,000 Less: Accumulated impairment loss (300) 44,700 Investments 25,000 Total assets 235,400 Liabilities Accounts payable 15,000 Rent payable 6,000 Provision for annual leave 1,800 Provision for services warranties 600 Total liabilities 23,400 Net Assets 212,000 Shareholders' equity Share capital 132,000 Retained earnings 80,000 212,000