QUESTION THREE [25] Spotless Limited is a company operating in the household cleaning industry. The following information has been presented to you: Extracts from Balance Sheet as at 31 December 2020 2020 2019 R R Property, plant and equipment ? 355 000 Expenses prepaid 10 000 0 Income tax received in advance (taxable in the year of 28 000 15 000 receipt) Additional information: - The tax base of the property, plant and equipment balance at 31 December 2018 was R290 000. During 2020 depreciation was R35 000 and wear and tear allowed was R25 000. There was no other movement of property, plant and equipment during 2018. - Profit before tax is R300 000. - Dividend income of R5 000 was earned during 2020. - There are no other temporary or permanent differences other than those evident from the information provided. - The normal income tax rate is 30%. Required: 3.1. Calculate the current income tax and deferred tax for the year ended 31 December 2020. (11) 3.2. Journalise the current and deferred income tax adjustments for the year ended 31 December 2020. (6) 3.3. Disclose the Taxation note as at 31 December 2020 in accordance with International Financial Reporting Standards (IFRS). (8)