Question 3 At 30 June 2020, Liber Ltd had the following deferred tax balances: Deferred tax liability Deferred tax asset $18,000 15,000 Liber Ltd recorded a profit before tax of $135,000 for the year to 30 June 2021, which included the following items: Depreciation expense - plant Doubtful debts expense Long-service leave expense $7,000 3,000 4,000 For taxation purposes the following amounts are allowable deductions for the year to 30 June 2021; Tax depreciation - plant Bad debts written off $8,000 2,000 Depreciation rates for taxation purposes are higher than for accounting purposes. A corporation tax rate of 30% applies. Required: (a) Determine the current tax for the year to 30 June 2021. (8 marks) (b) What are the balances of the deferred tax liability and deferred tax asset at 30 June 2021? (6 marks) (c) Prepare all journal entries to account for income tax. (6 marks) (Total 20 marks)