The accounting records of Hariharah provide income statement data for the current year: Total revenues: 980,000 Total expenses: 790,000 Profit before Income tax: 190,000 Total expenses of Hariharah include depreciation of $50,000 calculated under the straight-line method. In calculating taxable income on the tax return, Rhyme Timber uses the reducing-balance (RB) method. RB depreciation was $80,000 for the current year. The company income tax rate is 30%. Complete the following: A. Using the information above, prepare the journal entry in respect of income tax for the current year. ( 3 marks available) B. Provide the journal entries to account for the events below. ( 9 marks available) - In the current year, Hariharah Ltd invites public to subscribe for 10 million shares at $2.00 per share. Applications for shares close on 15 July, with $1.00 being paid on application and a further $1.00 being payable within one month of allotment. - By 15 July applications have been received for 11 million shares, and it is decided that all subscribers will receive shares on a pro rata basis, with any excess paid on application to be offset against the amount due on allotment. The shares are allotted on 20 July. - Subsequently, holders of 1 million shares fail to make their payments due on allotment by 20 August. On 31 August the 1 million shares are forfeited and auctioned as fully paid. An amount of $1.50 is received for each share sold