Services Ltd commences operations on 1 July 2023. One year later, on 30 June 2024, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available. Statement of comprehensive income for the year ended 30 June 2024 Gross profit Wages expense Annual leave expense Bad debts expense Rent expense Depreciation expense - furniture and fittings Accounting profit before tax 250 000 (100 000) (25 000) (10 000) (25 000) (15 000) 75 000 Assets and liabilities as disclosed in the statement of financial position as at 30 June 2024 Assets Cash $ 75 000 Inventories 100 000 Accounts receivables (net) 90 000 Prepaid rent 25 000 Furniture and Fittings 75 000 Accumulated depreciation - furniture and fittings (15 000) 350 000 Liabilities Accounts payable 50 000 Revenue received in advance 25 000 Loan payable 100 000 Provision for annual leave 25 000 200 000 Additional information The company tax rate is assumed to be 30%. All salaries have been paid as at year end and are deductible for tax purposes. None of the annual leave expense has actually been paid. It is not deductible for tax purposes until it is actually paid. Rent was paid in advance on 1 July 2023. Actual amounts paid are allowed as a tax deduction. Amounts received from sales, including those on credit terms, are taxed at the time the sale is made. No bad debts were written off. The revenue received in advance is included in the taxable income. The furniture and fittings is depreciated on a straight-line basis over 5 years for accounting purposes, but over 3 years for taxation purposes. The machinery is not expected to have any residual value. Using the reconciliation process calculate the taxable income and the company's current tax liability as at 30 June 20x4. A separate answer box has been provided below for your workings