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The statement of financial position of Lychee Ltd at 30 June 2020 showed the following assets and liabilities. Assets Cash Inventories Accounts Receivables Allowance for

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The statement of financial position of Lychee Ltd at 30 June 2020 showed the following assets and liabilities. Assets Cash Inventories Accounts Receivables Allowance for Doubtful Debts Prepaid Insurance Plant Accumulated depreciation - plant Deferred Tax Asset Liabilities Accounts payable Provision for long service leave Rent Received in advance Deferred Tax Liability 2020 ($) 90 000 160 000 540 000 (50 000) 40 000 550 000 (260 000) 2019($) 105 000 145 000 480 000 (40 000) 35 000 550 000 (210 000) 32 500 ? 185 000 47 500 23 800 220 000 45 000 20 000 38 100 ? Additional information Accumulated depreciation of plant for tax purposes was $320 000 at 30 June 2019, and depreciation for tax purposes for the year ended 30 June 2020 amounted to $65 000. The tax rate is 30%. Question 1) Prepare Lychee's deferred tax worksheet at 30 June 2020 (showing only relevant assets and liabilities) and prepare the deferred tax journal entry required on 30 June 2020

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