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Calculate the carrying amount and the tax base of the following assets and liabilities

at $30$ June $2024$ using the following table $($for each part, briefly explain, either

showing your workings or providing a written explanation, how you determined the

tax base$)$:

i$.$ In July $2023,$ the company capitalised $$750000$ incurred in designing

improved hearing aids. Expenditure on research and development is deductible

in full for tax purposes when paid but amortised over five years for accounting

purposes.

ii$.$ Borrowing costs associated with financing land held for resale have been

capitalised. The borrowing costs paid in June $2024$ amounted to $$50000$ and

will be expensed for accounting purposes when the land is sold.

iii. The closing balance of the Allowance for doubtful debts at $1$ July $2024$ was

$$7500,$ after accruing a further $$4500$ and writing off $$6000$ as bad debts

during the year ended $30$ June $2024.$ Accounts receivable at $30$ June $2023$ was

$$213000$ and the balance at $30$ June $2024$ was $$250000.$ Prepare the

Allowance for doubtful debts $T$ account.

iv$.$ The opening balance of the prepaid insurance at $1$ July $2023$ is $$30000.$ The

annual premium of $$144000$ was paid in March $2024,$ with $$138000$

expensed during the year ended $30$ June $2024.$ Prepare the Prepaid insurance T

account.

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