Red Ltd commenced operations on 1 July 2019. The following has been extracted from their internal reports for the second year of operations: Income Statement (Extract) for the year ended 30 June 2021 $ $ Gross profit 356,000 Expenses Administration expenses 26,000 Doubtful debts expense 7.000 Salaries expense 97.500 Interest 10,000 Warranty expenses 18,000 Depreciation expense - plant 112,500 Insurance expense 12,000 283,000 Accounting profit before income tax expense 73,000 Selected assets and liabilities disclosed in the balance sheet were: 2021 2020 $ $ Assets Cash 32,000 20,000 Inventory 108,000 80,000 Accounts Receivable 252.000 106,000 Allowance for doubtful debts (9,000 (6,000) Prepaid insurance 13,000 10,000 Plant -cost 450,000 450,000 Accum Depn - Plant (225,000)(112,500) Assets Cash Inventory Accounts Receivable Allowance for doubtful debts Prepaid insurance Plant-cost Accum Depn - Plant 32.000 20,000 108,000 80,000 252,000 106,000 (9.000) (6,000) 13.000 10,000 450.000 450,000 (225.000) (112,500) Liabilities Accounts Payable Provision for warranty 215.000 270,000 38.000 45.000 . Additional information: Bad debts written off during the year were $4,000. Plant is depreciated straight-line with no residual value over four years for accounting purposes and five years for taxation purposes. Insurance and warranty are deductible for tax purposes when paid! At 30 June 2020, DTA balance was $20,050 (based on deductible temporary difference of $73,500), and DTL balance was $3,000 (based on taxable temporary difference of $10,000) The tax rate is 30% . . Required: 1. For year ending 30 June 2021, calculate taxable income and its current tax consequence, clearly showing amounts for tax expense and tax payable (use space on page 5)