Calculate deferred tax asset and deferred tax liability balances at at 30/6/21. Prepare deferred tax journal entries for year ending 30/6/21. Show workings by creating separate columns for taxable temporary differences and deductible temporary differences, carrying amount and tax base.

Background information The profit before tax, reported in the statement of comprehensive income of Stonga Ltd for the year endec 2021 amounted to: 5,190,000 Subscription revenue Government award income Doubtful debts expense Depreciation (Equipment) Depreciation (Buildings) Maintenance expense Employee benefits expense Rent expense Entertainment expense 162,000 291,000 32,000 252,960 51,000 145,000 97,000 48,000 81,000 me uralt statements VI TIITATTICI POSILOTT OT the company al 3 June Zuz and ZuZU STIUweu me Tonowing assets and 1. LH: 2021 ($) 2020 ($) Assets Cash Inventory Accounts receivable Allowance for doubtful debts Prepaid rent Equipment Accumulated depreciation - Equipment Buildings Accumulated depreciation - Buildings Land Goodwill (net) Deferred tax asset 340,000 729,000 2,108,000 (168,000) 90,000 2,108,000 (1,264,800) 1,297,000 (519,000) 810,000 324,000 ? 373,000 664,000 2,011,000 (155,000) 84,000 2,108,000 (1,011,840) 1,297,000 (467,000) 810,000 324,000 41,316 Liabilities Accounts payable Provision for maintenance Provision for employee benefits Subscription received in advance Deferred tax liability 1,232,000 259,000 178,000 113,000 ? 1,102,000 194,000 129,000 81,000 0 Additional Information: Subscription revenue is tax assessable when it is received in cash Government award income is not tax assessable Doubtful debts are tax deductible when the company actually incurs bad debts/write off For accounting purpose, the equipment is depreciated using the annual straight line method at a rate of: For tax purpose, however, the equipment is depreciated using the annual straight line method at a rate of: Depreciation of buildings is not allowed as tax deductions and goodwill is not tax assessable Employee benefits are tax deductible when they are paid in cash to the employees Rent expense and maintenance expense are tax deductible when paid in cash Entertainment expense is not allowed as tax deduction Assume a tax rate for the financial years ending 30 June 2020 and 2021 to be: 12% 16% 30%