The below information relates to Good Day Ltd for the year ended 30 June, 2019:

Accounting Profit Before Income Tax 400,000

(After all revenue and expenses listed below have been included)

Long-service leave expense 20,000

Depreciation of Plant 40,000

Bad debts expense 8,000

Revenue received in advance for service in August 2019 12,000

Interest income (not yet received) 3,000

Additional Information:

The plant was purchased at the beginning on 1 July, 2018 at the cost of $200,000. The company estimates the assets useful life of 5 years using the straight line method. The Australian Tax Office (ATO) allows a depreciation rate of 30% straight line on cost. Long-service leave actually paid during the year was $3,000.

Bad debts of $4,000 were written off in this year.

A corporate tax rate of 30% applies.