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At $30$ June $2023$ Maximum Ltd provided the following information from its balance sheet about its assets and liabilities

Assets $($$$000)$

Computers at cost $300$

Accumulated depreciation $(60)$

Accounts receivable $100$

Allowance for doubtful debts $(10)$

Liabilities

Provision for warranty costs $30$

Provision for employee benefits $($LSL$)20$

Maximum Ltd depreciates computers over five years in its accounting records but over three years for tax purposes. The straight$-$line method is used. No amounts were paid for long service leave or warranty claims during the year.

The following information is available for the following year, the year ending $30$ June $2024.$

Statement of profit or loss for Maximum Ltd for the year ending $30$ June $2024$ $$000$

Sales $4000$

Cost of goods sold $(1800)$

Depreciation expense $(60)$

Warranty expense $(90)$

Bad and doubtful debts expense $(25)$

Other expenses $(1375)$

Profit before tax $650$

During the year, Maximum Ltd wrote off bad debts amounting to $$15000.$ Warranty costs of $$70000$ were paid during the year. No amounts were paid for long service leave during the year. The following information is extracted from the statement of financial position at $30$ June $2024$:

Assets $$000$

Accounts receivable $120$

Allowance for doubtful debts $(20)$

Liabilities

Provision for warranty costs $50$

Provision for employee benefits $($LSL$)30$

There was no acquisition of plant and equipment during the year.

The tax rate as at $30$ June $2023$ and $30$ June $2024$ was $30$ per cent.

Required $$ Calculation Questions

$1.$ Calculate the amount of each of Maximum Ltd$$s temporary differences, if any, at $30$ June $2023,$ and state whether it is deductible or taxable. Present your answer using the following table format $($show workings where relevant$)$:

Account Carrying amount Tax base Temporary Difference

$2.$ What is the balance of the deferred tax liability and deferred tax asset as at $30$ June $2023?$

$3.$ Complete a worksheet showing the deferred tax balances for the year ended $30$ June $2024.$ Hint: the opening balances calculated for the previous year have to be deducted.

$4.$ Complete the relevant general journal entries to record current tax and deferred tax for the year ending $30$ June $2024.$

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