QUESTION 4 At 30 June 2017 the statement of Financial Position of Timing Limited included a deferred tax liability amounting to a credit balance R11 152. The deferred tax relates to the only item of equipment owned by the company. The following information is relevant: Year ended 30 June 2019 2018 R R Profit before taxation 282 000 252 000 Wear and tear allowance 40 000 50 000 Depreciation 48 000 48 000 Additional information: The tax base of the equipment at 30 June 2017 was R356 120. The current normal taxation for the year ended 30 June 2018 is paid on 30 June 2019. No other tax payments were made. There were no components of other comprehensive income The normal corporate tax rate for Timing Limited is 40%. Required: Show the journals relating to taxation depreciation for the years ended 30 June 2018 and 30 June 2019