CoursHeroTranscribedText: Q2 You have been asked by the management of Mok Ltd to assist with the preparation of the income tax entries for the year ended 30 June 2019. The company reported a profit before tax for the year to 30 June 2019 of $900 000. The company's statements of financial position include assets and liabilities as follows: 2019 2018 Accounts receivable $ 245 000 $ 200 000 Allowance for doubtful debts (20 000) (10 000) Plant - at cos 600 000 500 000 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 18 000 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 2019. c) Expenses included in profit for the year to 30 June 2019 are as follows: parking and other fines $10 000 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 2019 and $180 000 on 30 June 2018. 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 Mok Lid and prepare the tax entries for 30 June 2019. Check slides N