The following assets were shown in the statement of financial position for year ended 30 June, 2016. For each asset: Calculate the tax base Identify whether or not a temporary difference exist (and explain why) Classify any temporary differences as taxable or deductible (explain your answer) 1. $10,000 Cash 2. Accounts Receivable of $85,000. Would your answer be different if there were an allowance for doubtful debts of $12,000 (I.e. carrying amount of $73,000: $85,000 less Allowance for Doubtful Debts of $12,000)? 3. Inventory of $17,000. 4. Interest accrued of $2,000 (earned from $60,000 invested in 12 month deposit on 1 March 2016 which matures in one year and earns 10%). Assume is taxed when cash received. 5. Investment $60,000 (at cost). You can assume for example that this is a term deposit in a financial institution. 6. Plant $50,000 net (This amount is less accumulated depreciation). This was purchased on 1 July 2014 at a cost of $70,000. It is expected to have a useful life of 7 years and no residual value. Taxation depreciates at 25% straight line