Robert August Ltd commences operations on 1 July 2016. On the same date, it purchased a machine at a cost of $600 000. The machine is expected to have a life of two years, and have no residual value. For taxation purposes, the A the company to depreciate the asset over three years, The profit before tax of the company for the year ending 30 June is $800 000. The tax rate is 30 per cent useful TO allows Required (1) Calculate the company's taxable profit for 30 June 2017. (2) Calculate the company's tax payable for 30 June 2017 (3) Determine the deferred tax asset or deferred tax liability (4) Prepare related journal entries for the year ending 30 June 20