On 1 July 2020, the company purchased furniture for its offices at a cost of $120,000. $60,000 of this purchase was paid in cash and the remainder was funded via a secured loan (repayable in 5 years) with their financiers. It is estimated that the furniture will have a useful life of 6 years with no residual value. For tax purposes the furniture has a useful life of 4 years. On 30 June 2021, a valuer determined that the fair value of the furniture was $110,000. Please provide journal entries for this transaction including narrations. You will need to include a table which shows any temporary differences in how/if you have calculated any deferred tax assets or liabilities. Which current note numbers (using the 2020 Annual report) to the company accounts will be affected by this transaction? (annual report 2020)