Bailey Ltd reported a profit before tax for the year to 30 June 2019 of $400 000. The companys statements of financial position include assets and liabilities as follows:

2019

2018

Equipment at cost

500 000

500 000

Accumulated depreciation

(200 000)

(150 000)

Provision for Warranty

60 000

50 000

Expenses included in profit for the year to 30 June 2019 are as follows:

Depreciation expense for equipment $50 000

Warranty expense $20 000

Accumulated depreciation on equipment for tax purposes is $250 000 on 30 June 2019 and $180 000 on 30 June 2018. There have been no acquisitions or disposals of equipment during the current year.

The corporate tax rate is 30%.

Bailey Ltd reported a profit before tax for the year to 30 June 2019 of $400 000. The companys statements of financial position include assets and liabilities as follows:

2019

2018

Equipment at cost

500 000

500 000

Accumulated depreciation

(200 000)

(150 000)

Provision for Warranty

60 000

50 000

Expenses included in profit for the year to 30 June 2019 are as follows:

Depreciation expense for equipment $50 000

Warranty expense $20 000

Accumulated depreciation on equipment for tax purposes is $250 000 on 30 June 2019 and $180 000 on 30 June 2018. There have been no acquisitions or disposals of equipment during the current year.

The corporate tax rate is 30%.

Required

Prepare the current tax worksheet (7 marks)