Genitive Ltd is a service company which commenced operations on the 1^stof October 2018. Oneyearafterthecommencementofitsoperations(30^thSeptember2019)theentitypresented its first Statement of Comprehensive Income and the Statement of Financial Position. The Financial Statements are prepared before considering taxation. The following information is available:

Statement of Comprehensive Income for the year ended 30 September 2019 (Extract)

Genitive Ltd Deferred Taxation Worksheet - 30th September 2019 Statement Tax base Deductibl Taxable Income Revaluatio Current of financial e temporar tax n Surplus tax position temporar y expense payable y differences differences $ $ $ $ $ $ $ Assets Cash 65,000 Inventory 335,000 Accounts receivable 235,000 Prepaid insurance 32,700 Plant - net 1,116,000 Marketable Securities 120,000 Land 950,000 2,853,700 Liabilities Account payable 334,000 Loan payable 563,500 Provision for long service 58,600 leave Prepaid Rent Income 38,500 994,600 Net asset 1,859,100 Temporary differences at period end less Prior period amounts Movement for the period Tax effected at 28.5% Tax on taxable income, Income tax adjustments$ Gross profit 3,300,000 Other income: rent income 60,000 Less expenses: Administration expenses 157,600 Wages and salaries 704,000 Long service leave expenses 128,000 Doubtful debts 33,000 Insurance expense 63,400 Sales Commission 98,500 Depreciation expense 124,000 1,308,500 Profit before tax $2,051,500Current assets: Cash Inventory Account receivable - net Prepaid Insurance 65,000 335,000 235,000 32,700 667,700 Current Liabilities: Account payable Prepaid Rent Income Net working capital 334,000 38,500 372,500 295,200 Non-current asset: Plant and Machinery - cost Less accumulated depreciation Marketablc Securities fair value Land at cost 1,240,000 124,000 1,116,000 120,000 950,000 2,186,000 Non-current liabilities: Loan payable Provision for long service leave Net Assets 563,500 58,600 622,100 1,859,100