QUESTION THREE [25] The following information has been provided in respect of Big Blue Limited, a company that began operations in 2018. Profit before tax in 2020 amounts to R300 000 (2019: R290 000). The income tax expense in the statement of comprehensive income for 2019 is R83 650 (2018: R87 000). The balance owing to the tax authority per the statement of financial position at 31 December 2019 was R5 000. The income tax on the taxable profit for 2019, according to the official assessment that arrived during 2020, amounted to R85 900, The payments made to the tax authority during 2020 in respect of income tax amounted to a total of R80 000 (i.e. this includes the provisional payments for 2020 and any top up/refund in respect of 2019). A capital profit of R26 000 arose on the sale of land during 2020. This profit equals the capital gain in terms of the tax legislation (no such profits or gains were made in 2019). Dividend income of R5 000 (non-taxable) and a fine of R500 (non-deductible for tax purposes) arose in 2020 (neither dividend income nor fines arose in 2019). The rate of income tax is 30% on taxable profits. The capital gains inclusion rate is 33.3% the company has no assessed capital loss brought forward. The income tax rate and the capital gains inclusion rate have both remained unchanged since 2019 Required: 3.1. Prepare all tax related journals for years ending 31 December 2019 and 31 December 2020 (13) 3.2. Prepare the taxation note for the year ended 31 December 2020 (12)