The following information relates to Deferred plc:

● EBITDA (earnings before interest, tax, depreciation and amortisation) for year ended 31.12.20X1 is £300,000

● No interest payable in 20X1

● No amortisation

● Equipment cost £100,000 at 1.1.20X1

● Depreciation rate is 10% straight line

● Nil scrap value

● Tax rate is 20%

● Capital allowance is 25% on reducing balance basis.

Required:

Calculate:

(a) Deferred tax;

(b) Statement of income entries;

(c) Statement of financial position entries.