Do three fill in the blank questions using the same information.

Bora Ltd is an ASX-listed company and so complies with the requirements of AASB 112 Income Taxes. The following information has been extracted from the companys financial statements for the year ended 30 June 2021.

Provision for employee benefits		$12,000,000
Prepaid rent		$470,000
Vehicles (cost)	$1,400,000
Accumulated depreciation	($1,400,000)
Carrying amount		$0

Additional information:

• A fleet of vehicles was acquired on 1 July 2017 and are depreciated on a straight-line basis over 7 years for taxation purposes and on a straight-line basis over 4 years for accounting purposes.
• The corporate tax rate is 30%.
• A tax deduction is allowed for the prepaid rent when cash is paid. Assume that the balance of the prepaid rent at 30 June 2020 was $0. The rental expense recognised for accounting was $190,000.
• A tax deduction is only allowed when employees take their entitlements. Employee benefits paid out during the period total $3,400,000. Assume the provision for employee benefits had a balance of $0 at 30 June 2020.

Required:

Fill in the blanks in relation to Bora Ltd for the year ending 30 June 2021.

The format of your answer MUST be as follows: $1,000,000.

In relation to the VEHICLES, Bora Ltd would record a debit/credit of $_________ to a deferred tax asset. Please fill your answer in the blank .

In relation to the PREPAID RENT, Bora Ltd would record a debit/credit of $ ______________ to a deferred tax liability. Please fill your answer in the blank .

In relation to the PROVISION FOR EMPLOYEE BENEFITS, Bora Ltd will record a debit/credit of $__________ to a deferred tax asset. Please fill your answer in the blank .