On 30 June 2014 ABC Company had a credit balance on its deferred tax account of Rs. 1,340,600 all in respect of the difference between depreciation and capital allowances. During the year ended 30 June 2015 the following transactions took place. - Rs. 45 million was charged against profit in respect of depreciation. The tax computation showed capital allowances of Rs. 50 million. . Interest receivable of Rs. 50,000 was reflected in profit for the period. However, only Rs. 45,000 of interest was actually received during the year. Interest is not taxed until it is received. . Interest payable of Rs. 32,000 was treated as an expense for the period. However, only Rs. 28,000 of interest was actually paid during the year. Interest is not an allowable expense for tax purposes until it is paid. . During the year ABC incurred development costs of Rs. 500,600, which it has capitalised. Development costs are an allowable expense for tax purposes in the period in which they are paid. Land and buildings with a net book value of Rs. 4,900,500 were revalued to Rs. 6 million. . The tax rate is 30%. ABC has a right of offset between its deferred tax liabilities and its deferred tax assets. Required a) Calculate the deferred tax liability on 30 June 2015 along with workings. (15 marks) b) Show where the increase or decrease in the liability in the year would be charged or credited