Exercise 12.14 Calculation of current and deferred tax, and adjustment entry The profit before tax, as reported in the statement of prot and loss for Adeline Ltd for the year ended 30 June 2021, amounted to $100 000, including the following revenue and expense items. Sales revenue $650 000 Interest revenue 50 000 Government grant (non-taxable) 50 000 Cost of goods sold 400 000 Bad debts expense 10 000 Depreciation expense equipment 10 000 Depreciation expense plant 20 000 Research and development expense 80 000 Wages expense 120 000 Long service leave expense 20 000 The statement of prot and loss for Adeline Ltd for the year ended 30 June 2021 also included a gain on sale of equipment of $10 000. According to AASB 116 / IAS 16, this gain is not classied as revenue, but it is nevertheless part of the accounting prot before tax for the year. The draft statements of nancial position of Adeline Ltd at 30 June 2020 and 30 June 2021 showed the following assets and liabilities