Nguyen Limited acquired purchased a vehicle on 1 July 2018 at a cost of $120000. The vehicle had a useful life of 5 years, and the company adopts the straight-line basis of depreciation. On 1 July 2021, the company reassessed the useful life of the vehicle down from the remaining 4 years to an expected 3 years. The accounting depreciation charge was adjusted accordingly. Because of a change in economic conditions, the vehicle was sold for $55000 on 30 June 2023. The tax depreciation rate for this type of vehicle was 40% p.a. The company tax rate is 30%. REQUIRED: Calculate the carrying amount and tax base of the asset and determine the deferred tax entry in relation to the vehicle for the year ended 30 June 2021, 2022, and 2023. Explain your
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