The profit before tax, as reported in the statement of comprehensive income of SuperX Ltd (an Australian retail company) for the year ended 30 June 2019 amounted to: $13,890,000 including the following revenue and expense items: Subscription Revenue $434,000 Government Award Income $781,000 Doubtful debts expense $86,000 Depreciation (Equipment) $564,200 Depreciation (Buildings) $ 138,000 Maintenance expense $390,000 Employee benefits expense $260,000 Rent expense $130,000 Entertainment expense $217,000 The draft statements of financial position of the company at 30 June 2019 and 2018 showed the following assets and liabilities: 2019 ($) 2018 ($) Assets Cash $911,000 $998,000 Inventory $1,953,000 $1,779,000 Accounts receivable $5,642,000 $5,382,000 Allowance for doubtful debts -$451,000 -$416,000 Prepaid rent $243,000 $225,000 Equipment $5,642,000 $5,642,000 Accumulated depreciation - Equipment -$2,256,800 -$1,692,600 Buildings $3,472,000 $3,472,000 Accumulated depreciation - Buildings -$1,389,000 -$1,250,000 Land $2,170,000 $2,170,000 Goodwill (net) $868,000 $868,000 Deferred tax asset ? $128,610 Liabilities Accounts payable Provision for maintenance Provision for employee benefits Subscription received in advance Deferred tax liability $3,298,000 $694,000 $477,000 $303,000 ? $2,951,000 $520,000 $347,000 $217,000 $0 10% 15% per annum per annum Additional Information: a) Subscription revenue is tax assessable when it is received in cash b) Government award income is not tax assessable c) Doubtful debts are tax deductible when the company actually incurs bad debtswrite off d) For accounting purpose, the equipment is depreciated using the straight line method at a rate For tax purpose, however, the equipment is depreciated on: e) Depreciation of buildings is not allowed as tax deductions f Employee benefits are tax deductible when they are paid in cash to the employees g) Rent expense and maintenance expense are tax deductible when paid in cash h) Entertainment expense is not allowed as tax deduction Assume a tax rate of 30% for the financial years ending 30 June 2018 and 2019 30% Required: 1) Calculate the taxable income tax loss and the current tax liability (if any) for the financial year ended 30th June 2019. Prepare a journal entry to recognise the current tax liability tax loss. 2) Calculate deferred tax asset and deferred tax liability balances as at 30th June 2019. Prepare the deferred tax journal entries for the year ended 30th June 2019. Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances. 971347.8 calculativi delax wis/es y 7 sene Vuni v 23734117 371XXX, lax base, laxatve 17xxv=yUitres d'actie 1272xv3/3