Oz Silicon Ltd provide financty Presented be specialied IT service and support to banking and financial industry. Presented below is o QUESTION ONE (6 marks) inancial year ending 30 June 2017 for Oz Silicon Ltd r ending 30n extract of the statement of profit and loss for the Profit and loss-30 June 2017 2.500,000 Gross profit Expenses Administration expenses Salaries Depreciation expense-building Insurance 620,000 1,040,000 300,000 80,000 2,040,000 460,000 Aecounting profit bofore tax Additional information as expenses also for tax purposes salaries expenses incurred in the year are accepted The building was acquired on 1 July 2015 for 3,000,000 depreciation expense acce cost. The pted for tax purposes is 5% of the acquisition Insurance was initially prepaid to the amount of $90,000. At year end, the unused component of the prepaid insurance amounted to $10,000ts e recorded as an asset in balance sheet). For tax purposes, the amounts paid for insurance are allowed as a tax deduction. . The tax rate is 30 per cent REQUIRED (a) Calculate for oZ Silicon Ltd's: taxable income, income tax expense and income tax payable for the year ended 30 June 2017 in accordance with AASB112 Income taxes, showing all working necessary to derive your answer (in the table below)., included any deferred tax liabilities and/or deferred tax assets as at 30 June 2017. (show all working necessary to derive your answer in the table below)