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You have been asked by the management of Mega Ltd to assist with the preparation of the income tax journal entries for the year ended 30 June 2019. The company reported a profit before tax for the year to 30 June 2019 of $900 000. The companys statements of financial position include assets and liabilities as follows: 2019 2018 Accounts receivable $ 245 000 $ 200 000 Allowance for doubtful debts (20 000) (10 000) Plant at cost 600 000 600 000 Accumulated depreciation (190 000) (120 000) Development asset at cost 360 000 200 000 Accumulated amortisation (130 000) (80 000) Interest receivable 10 000 20 000 Provision for long-service leave 48 000 62 000 Deferred tax asset ? 21 600 Deferred tax liability ? 60 000 Additional information: (a)The company is entitled to claim a tax deduction of 125% on development costs when incurred. (b)Interest revenue of $10 000 is included in the profit for the year to 30 June 2019. (c)Expenses included in profit for the year to 30 June 2019 are as follows: parking and other fines $10 000 depreciation expense for plant $70 000 doubtful debts expense $25 000 amortisation of development asset $50 000 long-service leave expense $36 000. (d)Accumulated depreciation on plant for tax purposes is $280 000 on 30 June 2019 and $180 000 on 30 June 2018. There have been no acquisitions or disposals of plant during the current year. (e)The corporate tax rate is 30%. Required: Complete the current tax and deferred tax worksheets of Mega Ltd and prepare the tax journal entries for 30 June 2019

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