Rawson Traders Ltd, Statement of profit and loss and other comprehensive income for the year ended 30th of June 2024.Revenue 1,500,000 Cost of sales 770,000 Gross profit 730,000 Expenses: Administrative expenses 80,000 Salaries 200,000 Long-Service Leave 20,000 Warranty expenses 30,000 Depreciation expense of Plant 80,000 Insurance 20,000 Total expenses 430,000 Accounting profit before tax 300,000 Assets and liabilities as disclosed in the statement of financial position as at the 30th of June 2024. Assets: $ $ Cash 20,00, Inventory 100,000 ,Accounts receivable 120,000 Less: Provision for doubtful debts 20,000 100,000 Prepaid insurance 15,000 Plant Cost 300,000 Less: Accumulated Depreciation 60,000 240,000 Total assets 475,000 Liabilities: Accounts Payable 80,000 Provision for warranty expenses 25,000 Salaries payable 5,000 Loan payable 200,000 Provision for long service leave expenses 20,000 Total liabilities 330,000 Net assets 145,00 Additional Information: All administration and salaries expenses incurred have been paid at year-end. None of the long service leave expenses have been paid. Warranty expenses were accrued, and at year-end, actual payments of $5,000 have been made. Insurance was initially prepaid to $40,000. Amounts received from sales, including those on credit terms, are taxed when the sale is made. The plant is depreciated over five years for accounting purposes but over four years for taxation purposes. The tax rate is 30 per cent