Jaguar Ltd purchased a machine on 1 July 2016 at a cost of $640,000. The machine is expected to have a useful life of 5 years (straight line basis) and no residual value. For taxation purposes, the ATO allows the company to depreciate the asset over 4 years. The profit before tax for the company for the year ending 30 June 2017 is $600,000. To calculate this profit the company has deducted $60,000 entertainment expense, and $80,000 salary expense that has not yet been paid. Also the company has included $70,000 interest as income that the company has not yet received. The tax rate is 30%. Required: (i) Calculate the company’s taxable profit and hence its tax payable for 2017. (ii) Determine the deferred tax liability and/or deferred tax asset that will result. Prepare the necessary journal entries at 30 June 2017.