Need help, kindly show all calculations and your working for my better understanding

Eureka Ltd commences operations on 1 July 2018. One year after the commencement of its operations (30 June 2019) the entity presents its first Statement of Comprehensive Income and Statement of Financial Position on 30 June 2019. The statements are prepared before considering taxation. The following information is available.

Statement of Comprehensive Income

for the year ended 30 June 2019

	$	$
Gross Profit		2,700,000
Expenses:
Administrative expenses	200,000
Selling expenses	80,000
Salaries	420,000
Interest expenses	14,000
Provision for doubtful debts	70,000
Long service leave	140,000
Warranty expenses	84,000
Depreciation expense plant	224,000
Insurance	84,000
		1,316,000
Accounting profit for the year		1,384,000

Assets and Liabilities as disclosed in the Statement of Financial Position

for the year ended 30 June 2019

	$	$
Assets
Cash		76,000
Inventory		270,000
Receivables (net)		210,000
Prepaid insurance		28,000
Plant cost	1,120,000
Less accumulated depreciation	224,000
		896,000
Land		1,260,000
Total assets		2,740,000
Liabilities
Payables		224,000
Provision for warranty expenses		56,000
Loan payable		560,000
Provision for long service leave		56,000
Total liabilities		896,000
Net assets		1,844,000

0ther information:

• Amounts received from sales, including those on credit terms, are taxed at the time of the sale is made.
• The plant is depreciated over 5 years for accounting purposes, but over 4 years for taxation purposes.
• Warranty expenses were accrued and, at the year-end, actual payments of $28,000 had been made (leaving of accrued balance of $56,000). Deductions for tax purposes are only available when the amounts are paid and not as they accrued.
• All administration, selling, salaries expenses and interest expenses incurred have been paid as at year-end.
• The amount of $84,000 long service leave expense has been paid.
• Insurance was initially prepaid to the amount of $112,000. At the year-end, the unused component of the prepaid insurance amounted to $28,000. Actual amounts paid are allowed as a tax deduction.
• Eureka Ltd has some land which cost $840,000 and which has been revalued to its fair value of $1,260,000.

The tax rate is 30 per cent

Required:

1. Compute the taxable income or loss. (using excel spreadsheet)
2. Prepare the applicable journal entries at 30 June 2019 to account for tax using the balance sheet method.