Practical Question 2 - Accounting for Income Tax - Deferred Tax Worksheet - 6 Marks The Statement of Financial Position of Melon Ltd as at 30 June 2020 showed the following assets and liabilities: 2020 2019 $ $ Assets Cash 15 000 12 500 42,000 35,000 Accounts receivables Allowance for doubtful debts (4,200) (3,500) 11,500 8,500 Inventory Prepaid Insurance 4,200 7,500 100,000 100,000 Equipment Accumulated Depreciation - Equipment Deferred Tax Asset (52,000) (45,000) ? 2,400 Liabilities Accounts Payable 29,000 26,000 Provision for long service leave 7,500 7,000 Interest Payable 7,000 4,500 Deferred Tax Liability 3,200 Additional information: 1. Accumulated depreciation of plant for tax purposes was $78,000 as at 30 June 2020. 2. The tax rate is 30%. Required: Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2020. (6 marks)