The accounting profit before tax for the year ended 30 June 2021 for Seth Ltd amounted to $40, 000 and included: Depreciation equipment (20%) 20 000Rent revenue 14 000Royalty revenue (non-taxable) 6 000Doubtful debts expense 4 800Entertainment expense (non-deductible) 1 800Annual leave expense 6 000Insurance Expense7 000 The statements of financial position at 30 June 2020 and 2021 contained the following assets and liabilities: 20202021Assets Cash8 00012 500Prepaid Insurance5 0008 000Receivables10 00016 000Allowance for doubtful debts-2 000-3 500Inventories19 00021 000Rent receivable9 00011 000Equipment100 000100 000Accumulated depreciation equipment-20 000-40 000Deferred tax asset3 000? 127 000125 000Liabilities Accounts payable25 00017 000Provision for annual leave6 5007 000Deferred tax liability2 000? 33 50024 000 Additional information (a) The company can claim a tax deduction of $30 000 (30%) for depreciation on equipment. The equipment is now two years old and the accounting rate is 20%. (b) The company tax rate is 30%. (c) The company has not paid any tax this year. Required 1. Prepare the current tax worksheet and the journal entry to recognize the current tax as at 30 June 2021. 2. Prepare any necessary journal entries to adjust the deferred tax accounts at 30 June 2021. The use of the deferred tax worksheet (below) is optional