How to we determine the future deductible amount for machinery? ($100,000)

Victory Ltd commences operations on 1 July 2020. One year later, on 30 June 2021, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of comprehensive income for the year ended 30 June 2021 Gross profit Wages expense Long service leave expense Bad debts expense Rent expense Depreciation expense machinery Accounting profit before tax S 500000 (200000) 50000) (20000) (50000) (30000) 150000 Assets and liabilities as disclosed in the statement of financial position as at 30 June 2021 Assets $150000 200000 180000 50000 150000) (30000 700000 Accounts receivables (net) Prepaid rent Machinery Accounts payable Revenue received in advance Loan payable Provision for long service leave 100000 50000 200000 50000 400000 Additional information The company tax rate is assumed to be 30%. . All salaries have been paid as at year end and are deductible for tax purposes. . None of the long service leave expense has actually been paid. It is not deductible for . Rent was paid in advance on 1 July 2020. Actual amounts paid are allowed as a tax . Amounts received from sales, including those on credit terms, are taxed at the time . The revenue received in advance is included in the taxable income. tax purposes until it is actually paid. deduction. the sale is made. No bad debts were written off. . The machinery is depreciated on a straight-line basis over 5 years for accounting purposes, but over 3 years for taxation purposes. The machinery is not expected to have any residual value