QUESTION 2 15 marks Moonstone Lid is a wholesale company that sells gemstones and crystals to retailers throughout Australia. Moonstone Ltd commenced operations on July 1, 2020. An accounting profit before income tax of $90,000 was reported for the year ended 30 June 2021. This accounting profit included the following: Depreciation of machinery $40,000 Impairment of goodwill $ 5.000 Long service leave $ 8.000 Annual leave $10,000 Doubtful debts $ 9,500 Entertainment costs $ 4.000 The following information was extracted from the statements of financial position for the company on 30 June 2021: 2021 2020 $ Assets Cash at bank 70,000 55,000 Inventory 125,000 115,000 Accounts receivable 230,000 220,000 Provision for doubtful debts (15,000) (7,500) Machinery 320,000 320,000 Accumulated depreciation - machinery (80,000) (40,000) Goodwill 45,000 45,000 Accumulated Impairment losses - goodwill (5,000) Deferred tax asset 25,000 Liabilities Accounts payable 135,000 125,000 Accrued long service leave 30,000 20,000 Accrued annual leave 35,000 20,000 Deferred tax liability ? 6,500 Additional information . Total revenue for the 2020 financial year was $3,000,000.Accumulated depreciation on the machinery for tax purposes as at 30 June 2020 is $160,000. Tax depreciation for the year ended 30 June 2021 is $80,000. Bad debts written off amounted to $7,500 for the year ended 30 June 2021. Payments for long service leave for the financial year 2021 were $5,000 Annual leave paid during the financial year 2021 amounted to $9,500. The company tax rate is 30%.Required: (a) Determine the taxable income for the financial year ended 30 June 2021. (3 marks)(b) Prepare the journal entry to record the current tax liability as at 30 June 2021. (2 marks)(c) Prepare a deferred tax worksheet that incorporates taxable and deductible temporary differences. (6 marks)(d) What is the temporary difference for the machinery for 30 June 2021? What does this temporary difference mean for Moonstone Ltd? (2 marks)