QUESTION 1 (25 Marks} Bill Clinton Ltd commenced operations on the 1st of _Tul_\\-' 2021. He presented its first statement of profit and loss, other comprehensive income, and the first statement of position on the 30th of fune 2022. The statements are prepared before considering taxation. The following information is available. Statement of profit and loss and other comprehensive income for the year ended. 30th of June 2022. Details 53 $ Gross profit 230 000 Expenses: Administrative expenses 80 000 Salaries 2GB 000 LongService Leave 20 000 W'arrantv expenses 30 000 Depreciation expense Plant 8:} 000 Insurance 20 000 Total. expenses 430 000 Accounting profit before tax 300 000 Other comprehensive income Nil Assets and liabilities as disclosed in the statement of financial posi ion as a=t the 30th of june 2021 Details 15 $ Assets: Cash 20 DDU Inventorv 100 000 Accounts receivable 100 000 Prepaid insurance 10 000 Plant Cost 400 000 Less: Accumulated Depreciation 80 000 320 000 Total assets 550 000 Liabilities: Accounts Payable B0 000 Provision for warranty expenses 20 000 Loan payable 200 000 Provision for long service leave expenses 20 000 Total liabilities 320 000 Net assets 230 000 Additional Information: 0 All administration and salaries expenses incm'red have been paid as at year end. 0 None of the long service leave expenses has agyallybgeg paid. 0 Warranty expenses were accrued. and at year end, actual payments of $10 000 11$ lieen made (leaving an accrued balance of $20 000). 0 Insurance was initially prepaid to the amount oof $30000. At the year end, the unused component of the prepaid insurance amounted to $100 000. 0 Amounts received. from sales, including those on credit terms, are taxed at the time of sale is made. 0 "he plant is depreciated over five years for accounting purposes, but over four years for taxation purposes. 0 "he tax rate is 30 per cent. REQUIRED: 1. Calculate the taxable income of Bill Clinton Ltd for the year ended the 30th of lime 2022. [5 marks] 2. Prepare the Journal entry to record the current tax liability for the year ending 30th of ]une 2022. [2 marks] 3. Prepare a deferred tax worksheet for the 30th of june 2022. [13 marks] 4. Prepare the journal entries to record any deferred tax assets and liabilities a_.t the 30th of ]une 2022. [5 marks]