The following are extracts from the draft financial statements of Bilby Ltd for the financial year ended 30 June 2021. All figures are in Australian Dollars. Bilby Ltd Balance sheet as at 30 June 2021 2021 2020 Assets Bank Accounts Receivable Allowance for Doubtful Debts Stock Prepaid Insurance Equipment Accumulated depreciation- equipment Deferred Tax Asset Liabilities Accounts Payable Accrued Wages 30 000 30 000 (3 000) 20 000 8 000 100 000 (40 000) ? 10 000 26 000 40 000 (4 000) 22 000 10 000 100 000 (20 000) 800 12 000 3 000 2 400

OFFICI AL Provision for Leave Deferred Tax Liability Debenture 2 000 2 000 ? 80 000 500 90 000 Additional information: 1. The financial year 2021 is from 1 July 2020 to 30 June 2021. 2. Depreciation rate for equipment is 20% per year. For tax purpose, depreciation rate is 10% per year. 3. Tax rate for the financial year 2020 was 30% and for the financial year 2021 is 33%. 4. TAX profit for financial year 2021 is $ 200 000. Required: Calculate deferred tax assets and deferred tax liabilities as at 30 June 2021 using the following format. Prepare all the necessary tax journal entries. Show workings