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Question 1: Topic 1 - Accounting for Company tax (30 marks) Oranges Ltd's profit before tax for the year ended 30 June 2023 was $1,350,000. The assets and liabilities at 30 June 2022 and 30 June 2023 were: 2023 2022 Accounts receivable 235,000 200,000 Allowance for doubtful debts (13,000) (12,000) Inventory 250,000 220,000 Land 100,000 110,000 Buildings 800,000 800,000 Accumulated depreciation - buildings (99,000) (70,000) Equipment 600,000 600,000 Accumulated depreciation - equipment (190,000) (120,000) Development expenditure - at cost 320,000 200,000 Accumulated amortisation - development expenditure (144,000) (80,000) Deferred tax asset ? 29,600 Goodwill (net) 30,000 Accounts payable 170,000 150,000 Deferred tax liability ? 72,000 Provision for long service leave 36,000 28,000 Provision for warranty claims 32,000 34,000Additional information: a. The tax rate is 30%. b. A tax deduction for development costs of 125% of the amount spent during the year is available for tax pu rposes. The prot reflects the amount of development costs amortised in the current period. c. Revenue for the year include's Nontaxable income of $135,000. d. Expenses brought to account included: i. Depreciation - buildings $29,000 ii. Depreciation - equipment $70,000 iii. Impairment - Goodwill [non-deductible) $30,000 iv. Amortisation - development expenditure $64,000 e. Accumulated depreciation on equipment fortax purposes was $180,000 on 30 June 2022, and $235,000 on 30 June 2023. f. Bad debs of $14,000 were written off during the year, and warranty repairs to the value of $22,000 were carried out. There was no tax deduction for long service leave in the current yeah g. Buildings are depreciated in the accounting records but no deduction is allowed for tax purposes. Required: 1. Prepare the current tax worksheet to calculate the current tax liability for the year ended 30 June 2023 (show all working). (15 marks} 2. Prepare the deferred tax worksheet to calculate the deferred tax asset and liability balances and adiustm ents for the year ended 30 June 2023. Include all accounts and net balances where appropriate. {13 marks) 3. Prepare the journal entries to recognise the current tax liability, deferred tax assets, and liabilities at 30 June 2023. (2 marks]