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Lourens Ltd commenced business on 1 July 2017. Before consideration of the items below, profit in its first year of operation was $300000. (There were no differences between the accounting and tax treatments in arriving at that figure.) The following items have yet to be taken into account: 2 .Property, plant and equipment was acquired on 1 July 2017 at a cost of $500000. Depreciation is 20% per annum straight-line for accounting purposes and 30% reducing-balance for tax purposes. The company recognised warranty expenses of $25000, but warranty payments were only $5000. Accounts receivable at 30 June 2018, $300000, doubtful debts expense, $15000, and bad debts written off during the period, $2500. Employee benefits (annual leave and long-service leave) expense, $25000; employee benefits liability as at 30 June 2018, $21000. The tax rate is 30%. Required Using the statement of financial position approach to tax allocation in AASB 112 (a) Calculate taxable income and prepare the general journal entry to record current income tax expense; and (b) Identify any temporary differences, determine the amount of any resulting deferred tax asset or deferred tax liability, and prepare the general journal entry to record deferred tax expense. (LO6)