australian accounting standard

On 1 July 2019 Jun Liu Ltd commenced operations and presents its first statement of comprehensive income and first statement of financial position on 30 June 2020. The statements are prepared before considering taxation: 420 000 Statement of comprehensive income for the year ended 30 June 2020 Gross profit Expenses Administration expenses 65 000 Entertainment expenses 35 000 Salaries 55 000 Long-service leave expense 10 000 Doubtful debt expense 10 000 Warranty expenses 20 000 Depreciation expense plant 75 000 Insurance expense 10 000 Profit before tax 280 000 140 000 70 000 80 000 Statement of financial position as at 30 June 2020 Assets Cash Inventory Accounts receivable Less: Allowance for doubtful debts Prepaid insurance Plant-cost less Accumulated depreciation Total assets 110 000 10 000 100 000 4 000 250 000 75 000 175 000 429 000 Liabilities Accounts payable Provision for warranty expenses Loan payable Provision for long service leave expenses Total liabilities Net assets 50 000 15 000 154 000 10 000 229 000 200 000 Other information There are no accruals or prepayments of administration and salaries expenses at year end. Long-service leave have not been paid to any employee. Warranty expenses were accrued according to company policy and payments of $5 000 were made by 30 June 2020. Insurance was initially prepaid to the amount of $14 000. The tax depreciation for the plant is $50 000. The tax rate is 30 per cent. REQUIRED a) Calculate income tax payable at 30 June 2020 and provide the journal (10 marks) b) Calculate deferred tax at 30 June 2020 and provide journals (15 marks) How would deferred tax be presented in the statement of financial performance according to AASB 112? (2 marks) Briefly discuss the treatment of deferred tax assets & tax losses in accordance with AASB 112. (3 marks) c) Ho