QUESTION 2 The following information in provided from the accounting records of Zara Lid for the financial years ending 30 June 2020. The information for 2020 represents the rst year of trading as a company following its Incorporation on 1 July 2019. ara Ltd Profit before tax Warranty expense Warranty claim payments made Provision for warranty at 30 June Long service leave expense Long service leave paid 2020 $290 000 $20 000 SO $20 000 $25 000 $8000 Provision for long service leave at 30 June $17 000 Entertainment expenses Revenue received in advance at 30 June $2000 $1000 The tax treatment for each of the items is as follows: Payments in satisfaction of a claim under a warranty are tax deductible. Long-service leave expense is an allowable deduction in the period in which the leave is taken and the cash is paid. Plant costing $120 000 was acquired on 1 July 2019. For accounting purposes the plant is depreciated using straight-line depreciation at a rate of 20%. The allow depreciation rate is 30% straight-line. Entertainment expenses are not tax deductible. Revenue received in advance is treated as assessable income in the period in which the cash is received. The tax rate is 30% and there are no opening balances in the deferred tax asset and deferred tax liability accounts as at 1 July 2019. There are no other differe the accounting and tax treatments Required: Show calculations and general journal entries for income tax in the accounts of Zara Ltd for the year ending 30 June 2020. Calculate only current tax. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial 14px A T. X