Could someone explain the deferred tax worksheet only please.

xplanations from our expert tutors Question 6.6 Current and deferred tax worksheets and tax entries You have been asked by the management of My Bag Ltd to assist with the preparation of the income tax entries for the year ended 30 June 2017. The company reported a profit before tax for the year to 30 June 2017 of $900 000. The company's statements of financial position include assets and liabilities as follows: 2017 2016 Accounts receivable $ 245 000 $ 200 000 Allowance for doubtful debts (20 000) (10 000) Plant - at cost 600 000 600 000 Accumulated depreciation (190 000) (120 000) Development asset - at cost 360 000 200 000 Accumulated amortisation (130 000) (80 000) Interest receivable 10 000 20 000 Provision for long-service leave 48 000 62 000 Deferred tax asset 21 600 Deferred tax liability 60 000 (a) The company is entitled to claim a tax deduction of 125% on development costs when incurred. (b)Interest revenue of $10 000 is included in the profit for the year to 30 June 2017. (c) Expenses included in profit for the year to 30 June 2017 are as follows: O parking and other fines $10 000 I depreciation expense for plant $70 000 doubtful debts expense $25 000 [ amortisation of development asset $50 000 [ long-service leave expense $36 000. (d)Accumulated depreciation on plant for tax purposes is $280 000 on 30 June 2017 and $180 000 on 30 June 2016. There have been no acquisitions or disposals of plant during the current year. (e) The corporate tax rate is 30%. Required Complete the current tax and deferred tax worksheets of My Bag Lid and prepare the tax entries for 30 June 2017. Via