Blackwood Trading Ltd recorded an accounting profit before income tax of $150,000 for the year ended 30 June 2017 that included the following:

Depreciation of plant equipment $50,000

Impairment of goodwill 45,000

Amortisation of development asset 40,000

Prepaid rent expense 35,000

Annual leave expense 30,000

Doubtful debts expense 25,000

Interest revenue 20,000

Occupational health and safety fines 10,000

Additional information:

No income tax deductions are allowed in relation to the impairment of goodwill or the occupational health and safety fines.

Tax depreciation for the plant equipment for the year was $70,000.

Interest received in cash during the year was $15,000. Cash payments during the year were $25,000 for prepaid rent and $45,000 for annual leave.

Total bad debts written off during the year amounted to $15,000.

Blackwood Trading Ltd recognises development costs as an asset that is amortised using the straight-line method. However, the company is entitled to claim a tax deduction of 125% on development costs when paid. During the year, the amount paid in cash for development costs was $100,000.

The company income tax rate is 30%.

Required:

Calculate the current tax of Blackwood Trading Ltd for the year ended 30 June 2017 and prepare the required tax journal entry.