Avondale Limited $($Avondale$)$ is preparing its current and deferred tax calculations for the year ended $30$ June $2024.$

The appropriate accounting treatment for the following items has already been correctly applied in the calculation of

the accounting profit before tax for the year ended $30$ June $2024$ of $$5,000,000$ :

Additional information

The tax rate is $30\%.$

Avondale incurred a $$600,000$ tax loss in the year ended $30$ June $2023.$ It recognised a deferred tax asset $($DTA$)$ for

the applicable amount relating to the losses, as it estimated that future taxable profits would be available in the year

ended $30$ June $2024$ to use this tax loss. The prior year tax losses are treated as a tax deduction in the year they are

used, resulting in decreased taxable income. It used the $$600,000$ tax loss in the current year.

Required

Calculate the current tax liability for Avondale at $30$ June $2024$ and prepare the required journal entry. Show

your workings.