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Assignment Instructions: This assignment relates to Topic 4 on Income Tax and requires the following to be submitted: An excel workbook with the following four (4) sheets: . Sheet 1: Background Information Sheet 2: Calculating Taxable Income Sheet 3: Calculating DTA/DTL 2020 Sheet 4: Change in tax rate Required: a) Calculate the taxable income/tax loss and the current tax liability (if any) for the financial year ended 30th June 2020. Prepare a journal entry to recognise the current tax liability/tax loss (In Sheet 2: Calculating Taxable Income). b) Calculate deferred tax asset and deferred tax liability balances as at 30th June 2020. Prepare the deferred tax journal entries for the year ended 30th June 2020. Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances (In Sheet 3: Calculating DTA/DTL 2020). c) Assume that by 1 December 2020 there was a change in tax rate. With reference to AASB112 Income Taxes, discuss the accounting treatment of the deferred tax asset and deferred tax liability balances as at 1 December 2020 following a lower tax threshold for the 2020-2021 financial year. Prepare the journal entries to record the effect of change in tax rate. (In Sheet 4: Change in Tax Rate). (18 + 23 + 9 = 50 marks) Converted to 10%