Q 12.57: A company commenced business on 1 July 2017. On 30 June 2018, an extract of the statement of financial position prepared for internal purposes, but excluding the effect of income tax, disclosed the following information: Assets Liabilities Cash $40 000 Accounts payable $80 000 Inventories 100 000 Long service leave 5 000 Plant 300 000 Accumulated depreciation (30 000) Additional information: The plant was acquired on 1 July 2017. Depreciation for accounting purposes was 10% (straight-line method), while 15% (straight-line) was used for tax purposes. The tax rate is 30%. The deferred tax asset is