KS Part I (6 marks) For the financial year ended 30 June 2021, XYZ Ltd recorded an accounting profit of $2,000,000. The following items were included in the calculation of its profit/loss: 1. The company has earned $640,000 of rent income during the year. The company's rent received in advance at the beginning and end of the year are $480,000 and $690,000 respectively. II. The company has earned government grant $10,000 which is non-tax assessable. III. The company's provision for annual leave at the beginning and end of the year are $432,000 and $536,000 respectively. In the current year, $160,000 annual leave was paid. IV. The company has an allowance for doubtful debts balance of $200,000 at the end of the year. The balance of the allowance account at the beginning of the year was $240,000. In the current period, $88,000 was written off as being uncollectable. The gross amount of accounts receivable at the beginning and end of the year are $1,840,000 and $1,680,000 respectively. V. Tax rate is 30%. Required: Determine the current tax expense for XYZ Ltd for the year ended 30 June 2021, in accordance with the requirements of AASB 112 Income Taxes. ANSWER HERE June ulation of taxable income tax loss for the financial year ended Accounting profit $2.000.000