KB Ltd purchased a machine on 1 July 2014 for $320,000. The machine is expected to have a useful life of 4 years (straight-line basis) and no residual value. The ATO allows the company to depreciate the asset over 5 years for taxation purposes. The profit before tax for the company for the year ending 30 June 2015 is $500,000. The tax rate is 30%.

a) Calculate the company's taxable profit and hence its tax payable for 2015.

b) Determine the deferred tax liability or deferred tax asset that will result.

c) Prepare the necessary journal entries on 30 June 2015.