The following liabilities were shown in the statement of financial position for year ended 30 June, 2016. For each liability: Calculate the tax base Identify whether or not a temporary difference exists (and explain why) Classify any temporary differences as taxable or deductible (explain your answer) 1. Bank Overdraft $60,000 2. Accounts Payable $37,000 3. Entertainment Expenses payable $7,000. These were incurred in June 2016 but have not yet been paid. These expenses are not deductible for taxation purposes. 4. Provision for Long service leave $16,000. Assume deductible for tax only when paid. 5. Provision for Product warranties $3,000. Assume deductible for tax only when paid or services (e.g. repairs) provided. 6. Revenue from rent received in advance $6,000. Assume tax treats on a cash basis. 7. Loan $600,000 8. Interest accrued $3,000. This relates to loan. Interest payments are due on 15th of each month. Interest accrued from 15th June to 30 June 2016 amounts to $3,000. Assume deductible for tax only when paid in cash. 9. Advertising expenses payable $5,000. Assume deductible for tax only when paid.