The managing director of Small Ltd has asked you to calculate the taxable income for 30/6/2017 and prepare the journal entry to record current tax liability based on the data below. Assume tax rate is 30% Accounting Profit before tax $ 60 000 After debiting the following Expenses: Entertainment costs * 6 500 Goodwill impairment loss * 8 000 Fines and Penalties * 10 000 Depreciation on equipment 11 000 Annual Leave expense 5 000 Warranty expense 6 000 For tax purposes: Tax depreciation on equipment 22 000 Annual Leave paid 7 500 Warranty paid 8 000 These items are non-deductible for tax purposes Required Calculate current tax liability Prepare the journal entry to record income tax expense? (1 marks)