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Ninja Ltds profit before tax for the year ended 30 June 2020 was $18,500. Included in this profit are the following items of income and expense:

Amortisation of development costs	$10,000
Depreciation equipment (20%)	20,000
Depreciation motor vehicle (25%)	20,000
Depreciation building (5%)	15,000
Entertainment expense	1,500
Fines and penalties	1,000
Insurance expense	2,400
Doubtful debts expense	2,300
Proceeds on sale of equipment	19,000
Carrying amount of equipment sold	18,000
Rent revenue	16,000
Employee benefits expense	5,000
Royalty revenue (exempt income)	5,000
Goodwill impairment	2,000
Warranty expense	1,000
Interest revenue	600

At 30 June, the companys draft statements of financial position showed the following balances:

	2020	2019
Assets
Cash	$11,500	$9,500
Accounts receivable	12,000	14,000
Allowance for doubtful debts	(3,000)	(2,500)
Inventories	19,000	21,500
Interest receivable	900	500
Prepaid Insurance	2,900	2,500
Rent receivable	2,800	2,400
Development costs	30,000	-
Accumulated amortisation	(10,000)	-
Motor vehicle	18,000	18,000
Accumulated depreciation	(15,750)	(11,250)
Equipment	100,000	130,000
Accumulated depreciation	(60,000)	(52,000)
Buildings	300,000	300,000
Accumulated depreciation	(150,000)	(135,000)
Deferred tax asset	?	6,450
Goodwill	5,000	5,000
Goodwill - accumulated impairment losses	(3,000)	(1,000)
Liabilities
Accounts payable	15,655	21,500
Current tax liability	?	7,600
Provision for employee benefits	4,500	6,000
Provision for warranties	2,900	2,000
Mortgage loan	100,000	140,000
Deferred tax liability	?	2,745

Additional information:

• A tax deduction for development expenditure of 125% of the $30,000 spent during the year is available under the Tax Act. The profit reflects the amount of development costs amortised in the current period.
• A tax deduction of $22,000 (22%) can be claimed on equipment, but the motor vehicle is fully depreciated for tax purposes.
• The equipment sold on 30 June 2020 cost $30,000 when it was purchased 2 years before the date of sale
• Deductions are only available for annual leave when amounts are paid and not as they are accrued.
• Actual amounts paid for insurance are allowed as a tax deduction.
• No deduction is allowed for taxation purposes in relation to entertainment, fines and penalties.

• Rent revenue and interest is taxable when amounts are received.
• Depreciation of buildings are not allowed as tax deduction.
• The deferred tax asset (DTA) balance at 30 June 2019 comprised: DTAs relating to temporary differences: $4,000
• DTAs relating to carried forward tax losses: $2,450
• No journal entries related to tax have been recorded for the year ended 2020. Assume the tax balances at 30 June 2019 are correct.
• The tax rate is 30%.

Required:

1. Calculate the taxable income and current tax liability using an appropriate worksheet for the year ended 30 June 2020 (show all workings). (6 Marks)

Prepare a journal entry to record the current tax liability.