Question 1: On 1 July 2019, Leftoff Ltd was incorporated. The accounting profit and other relevant information of Leftoff Ltd for the year ended 30/6/2020 are as follows: 2020 Profit before tax $425,000 Depreciation expense-plant 250,000 Gain on sale of land for tax 21,000 Tax depreciation - plant 350,000 Plant-carrying amount 300,000 Gain on sale of land for accounting 42,000 Plant-tax base 200,000 The beginning balances of both the deferred tax asset and deferred tax liability accounts are zero. The differences in depreciation of plant is due to differences between the rate used in accounting and the rate allowed by tax laws. The company tax rate is 30%. Required: Calculate the current and deferred tax of Leftoff Ltd and prepare the required tax journal entries for the year ended 30/6/2020 (show all workings). (Total 12 marks)