Ex. 12.1 Tax effects of a temporary difference The following information was extracted from the records of Bowen Ltd for the year ended 30 June 2022 in relation to equipment that had cost $120 000 on 1 July 2019. Future Future Taxable Deductible Carrying taxable deductible Tax temporary temporary amount amount amount base differences differences $ $ $ $ 5 $ Assets E uiment30 000 30 000 48 000 48 000 18 000 Equipment is depreciated at 25% pa. straight-line for accounting purposes, but the allowable rate of depreciation for taxation is 20% pa. Required Assuming that no equipment is purchased or sold during the years ended 30 Junel 2022 to 30 June 2024, calculate the: 1. accounting expense and tax deduction for each year 2. impact of depreciation on the calculation of current tax expense for each year 3. effect on the deferred tax asset account each year