out of On 1 July 2020, Ferrero Ltd was incorporated. The accounting profit and other relevant information of Ferrero Ltd for the year ended 30/6/2021 are as follows: Profit before tax Warranty expense Warranty paid Provision for warranty-tax base 2021 $275,000 55,000 Provision for warranty - carrying amount 55,000 The beginning balances of both the deferred tax asset and deferred tax liability accounts are zero. Warranty expense is deductible when it is actually paid. The company tax rate is 30%. Required: Calculate the current and deferred tax of Ferrero Ltd and prepare the required tax journal entries for the year ended 30/6/2021 (show all workings)