Zeehan Pty Ltd is a membership organisation and holds fund in trust for operating a local charity in Tasmania. Zeehan Pty Ltd has prepared its adjusted trial balance for the year ended 30 June 2031. It has yet to determine its income tax expense for the year and the tax assets and liabilities that arise from the transactions and events of the year. The following tables provide relevant information from the adjusted trial balance: TABLE 1 Cash Accounts receivable Allowance for doubtful debts Supplies Dividends receivable Prepaid rent Machinery Accumulated depreciation - Machinery Deferred tax asset Accounts payable Memebership fees in advance Provision for sick leave Deferred tax liability 2031 2030 61,200 81,600 564,400 522,240 (34,000) (21,760) 456,280 396,440 23,800 10,200 16,320 19,040 2,040,000 2,040,000 (612,000) (408,000) 93,636 490,960 508,640 19,040 25,160 435,200 238,000 192,372 TABLE 2 Accounting profit Export incentive grant income Membership fees revenue Dividend income Sick leave expense Bad and doubtful debts expense Depreciation expense - Machinery Rent expense Entertainment expenses 2031 1,169,600 39,440 333,200 142,800 197,200 28,560 204,000 155,040 26,520 Additional information: Zeehan Pty Ltd recouped a tax loss of $27,200 in this financial year A deferred tax asset was previously recognised in relation to this tax loss The entertainment expenses paid by Zeehan during the year are not deductible Machinery assets are depreciated using straight-line at 10% p.a. with no residual Machinery - tax depreciation rate is 25% p.a., straight-line with no residual The export incentive grant income relates to its international sales. The grant received from the Commonwealth Government is not taxable. The tax rate is 30% Required: 1. Analyse the data and information presented above and show the supporting calculations required for values included in the two tax worksheets. 2. Prepare the current tax worksheet to calculate the current tax liability for the year ended 30 June 2031. 3. Prepare the deferred tax worksheet to calculate the movements in deferred tax accounts for the year ended 30 June 2031. Provide the journal entries that arise from these tax worksheets. 5. Briefly explain how the items that arise from these journal entries will be reported in the financial statements for the year ended 30 June 2031 (no word limit). 4