Question 3 (10 marks) On 30 June 2019, ABC Ltd had the following temporary differences: Accounts Computers at cost Accumulated depreciation - computers Accounts receivable Allowance for doubtful debts Provision for warranty costs Provision for long-service leave benefits Carrying amount ($) 750,000 (150,000) 250,000 (25,000) 75,000 50,000 Tax base ($) 750,000 (250,000) 250,000 (0) 0 0 The following information was available for the following year, the year ending 30 June 2020. Statement of profit or loss and other comprehensive income for ABC Ltd for the year ending 30 June 2020 Revenue Cost of goods sold expense Depreciation expense Warranty expense Doubtful debts expense $ 10,000,000 (4,500,000) (150,000) (225,000) (62,500) (3,437,500) 1,625,000 Nil Other expenses Profit before tax Other comprehensive income Abcttd depreciates computers over five years in its accounting records but over three years for tax purposes. The straight-line method is used. During the year, ABC wrote off bad debts amounting to $37,500. Warran costs of $175,000 were paid during the year. No amounts were paid for long-service leave during the year The following information was extracted from the statement of financial position on 30 June 2020: S 300,000 (50,000) Accounts receivable Allowance for doubtful debts Liabilities Provision for warranty costs Provision for long-service leave benefits 125,000 75,000 There was no acquisition of plant and equipment during the year. The tax rate as at 30 June 2019 and 30 June 2020 was 30 per cent. Required: (a) Calculate ABC Ltd's taxable profit for the year ending 30 June 2020. (2 marks) (b) Calculate the amount of each of ABC Ltd's temporary differences, if any, on 30 June 2019, and state whether it is deductible or taxable. (2 marks) (c) Determine the balances of the deferred tax liability and deferred tax asset, if any, as of 30 June 2019? (2 marks)