Elwood Ltd has provided the following information: Income Statement (Extract) for the year ended 30 June 2023 Gross profit $ 750,000 Expenses Administration expenses 70,000 Doubtful debts expense ..10,000 Salaries and on-costs 200,000 Interest 20,000 Long-service leave 20,000 Depreciation expense plant 80,000 Rent expense 20,000 420,000 Accounting profit before income tax expense $ 330,000 Relevant assets and liabilities as disclosed in the balance sheet as at 30 June 2023 were: Assets Inventory 80,000 Accounts receivable 100,000 Allowance for doubtful debts [Balance 2022 was $0] 10,000 90,000 Prepaid rent [Balance 2022 was $5,000] 8,000 Plant cost 400,000 Accum depn Plant 160,000 240,000 Liabilities Bank overdraft 11,000 Accounts payable 80,000 Provision for long-service leave [Balance 2022 was $9,000] 21,000 Additional information at 30 June 2023: All Plant was purchased on 1 July 2021 (2 years ago) and is depreciated straight-line with no residual value over five years for accounting purposes and four years for taxation purposes. The administration expense includes payment of a $4,000 non-deductible fine. No amount was written off for bad debts during the year. Rent and Long Service Leave are deductible for tax purposes when paid. The balances of DTA and DTL at 1 July 2022 were $2,700 and $7,500 respectively. The tax rate is 30% and this rate has not changed for a number of years. On the following page, for the year ended 30 June 2023: 1. Show the calculation of income tax expense and income tax payable. 2. Complete the deferred tax worksheet. 3. Prepare the journal entries for both the current and deferred tax consequences and for disclosure of deferred tax in the Balance Sheet. (Narrations are required) 1. Calculation of Current Tax Consequences for year ending 30 June 2023