The profit before tax of Bag Ltd for the year ended 30 June 20x4 is $960000 and includes the following revenue and expense items:

Rent revenue 48 000 Government grant received 16 000 Bad debts expense 96 000 Depreciation expense - plant 80 000 Long-service leave expense 120 000 Office supplies expense 24 000 Entertainment expenses 28 800BAG LTD Statement of Financial Position (Extract) as at 30 June 20x4 20x3 Assets Cash 128 000 S 136 000 Inventory 272 000 248 000 Accounts receivable 800 000 768 000 Allowance for doubtful debts (88 000) (64 000) Office supplies 40 000 35 200 Plant 800 000 800 000 Accumulated depreciation (416 000) (336 000) Goodwill 112 000 112 000 Deferred tax asset 64 800 Liabilities Accounts payable 464 000 416 000 Provision for long service leave 160 000 120 000 Rent received in advance 40 000 32 000 Deferred tax liability ? 60 960