Please see attached question and answer the questions

Requirement:

1. calculate income tax payable at 30 June 2020 and provide the jounral
2. caluculate the deferred tax at 30 June 2020 and provide jounrals

On 1 July 2019 Jun Liu Lid commenced operations and presents its first statement of comprehensive income and first statement of financial position on 30 June 2020. The statements are prepared before considering taxation: Statement of comprehensive income for the year ended 30 June 2020 Gross profit 420 000 Expenses Administration expenses 65 000 Entertainment expenses 35 000 Salaries 55 000 Long-service leave expense 10 000 Doubtful debt expense 10 000 Warranty expenses 20 000 Depreciation expense-plant 75 000 Insurance expense 10 000 280 000 Profit before tax 140 000 Statement of financial position as at 30 June 2020 Assets Cash 70 000 Inventory 80 000 Accounts receivable 1 10 000 Less: Allowance for doubtful debts 10 000 100 000 Prepaid insurance 4 000 Plant-cost 250 000 less Accumulated depreciation 75 000 175 000 Total assets 429 000 Liabilities Accounts payable 50 000 Provision for warranty expenses 15 000 Loan payable 154 000 Provision for long service leave expenses 10 000 Total liabilities 229 000 Net assets 200 000 Other information There are no accruals or prepayments of administration and salaries expenses at year end. Long-service leave have not been paid to any employee. Warranty expenses were accrued according to company policy and payments of $5 000 were made by 30 June 2020. Insurance was initially prepaid to the amount of $14 000. The tax depreciation for the plant is $50 000. The tax rate is 30 per cent