Penguin Ltd began operations on 1 July 2019. One year after operations, the entity presents its first Statement of Comprehensive Income and Statement of Financial Position on 30 June 2020. However, the statements were prepared for internal purposes but income tax calculations were ignored. Accounting profit before income tax for the year 30 June 2020 of Penguin Ltd amounted to $2,720,000, including the following revenue and expenses. $ Sales 11,760,000 Depreciation expense - Plant and Machinery 201,000 Depreciation expense - Equipment 232,000 Depreciation expense - Furnitures and Fixtures 50,000 Insurance 138,600 Rent of premises 74,000 Other expenses 198,000 Administrative expenses 529,200 Entertainment costs 44,000 Wages 720,000 Long service leave 252,000 Warranty expenses 151,200 Cost of sales 6,450,000Penguin Ltd Assets and Liabilities disclosed in the Statement of Financial Position for the year ended 30 June 2020 Assets Cash/ Bank 102,000 Accounts Receivables (net] 378,000 Inventory 502,800 Prepaid insurance 51,900 Plants & Machinery - cost 2,010,000 Less - Accumulated depreciation 201,000 1,809,000 Equipment- cost 1,160,000 Less - Accumulated depreciation 232.000 928, 000 Furnitures and fixtures- cost 600,000 Less - Accumulated depreciation 50.000 550, 000 Land 2.268,000 Total assets 6,589,700 Liabilities Accounts payables 403,200 Rent payable 50,000 Provision for warranty expenses 100,800 Provision for long service leave 88,200 Loan payable 1,008,000 Total liabilities 1,650,200 Net assets 4.939.500 Additional information: The Plants & Machinery are depreciated over 10 years for accounting purposes, but over 8 years for taxation purposes. The useful life of computers is 4 years for the tax purposes and 5 years for accounting purposes. Therefore, there is a temporary difference between accounting and taxation depreciation for Plant & Machinery, and Equipment.All administration, wages and other expenses incurred have been paid as at year end. Penguin Led has some land which cost $1,470,000 and which has been re-valued to its fair value of $2,268,000. Entertainment expenses and depreciation of furniture and fixtures are not allowed as deductions for income tax. The amount of $163,800 long service leave expense has been paid. Insurance was initially prepaid to the amount of $190,500. Actual amounts paid are allowed as a tax deduction. " Amounts received from sales, including those on credit terms, are taxed at the time of the sale is made. Warranty expenses were accrued and, at the year-end, actual payments were made of $50,400. Deductions for tax purposes are only available when the amounts are paid and not as they accrued. The tax rate is 30 per cent. Required: (i) Compute the Taxable Income or Loss. (using excel spreadsheet). 12 Marks{ii} Prepare the Taxation Worksheet on the next page in accordance with M53 112 income Taxes. [using excel spreadsheet}. 1&5 Marks