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Perth Ltd commenced operation on 1 July 2021 and prepared its first financial statements for the year ended 30 June 2022. The following information has been provided:

Profit before tax for the year ended 30 June 2022 was calculated as follows:

Gross Profit		$1,480,000
Less: Expenses:
Long Service Leave	10,000
Depreciation Plant and Equipment	135,000
Salaries and Wages	99,000
Warranty Claims	36,000
Amortisation of Research and Development	180,000
Insurance	18,000
Doubtful Debts Expense	20,000
Other Expenses	370,000
Total expenses		868,000
Profit before tax		612,000

Balance Sheet items as at 30 June 2022:
Details	$	$
Assets:
Cash		4,000
Inventories		144,000
Accounts Receivable	162,000
Less Allowance for Doubtful Debts	20000	142,000
Prepaid Insurance		7,200
Plant and Equipment	540,000
Less Accumulated Depreciation	135,000	405,000
Research and Development	600,000
Less Accumulated Amortisation	180,000	420,000
Goodwill (net)		50,000
Liabilities:
Accounts Payable		290,000
Provision for Warranty Claims		27,000
Provision for Long Service Leave		10,000
Loan Payable		577,200

Additional Information:

1. Tax deductions for warranty expenses are only available when claims are paid.
2. Insurance expenses are an allowable tax deduction when paid in cash.
3. A tax deduction of 125% can be claimed on research and development expenditure paid.
4. There are no accrued salaries and wages at 30 June 2022
5. For accounting purposes Winter Ltd. depreciates the cost of Plant and Machinery over four years. For tax purposes Plant and Equipment is depreciated at 20% per annum.
6. Long Service Leave can only be claimed as a tax deduction when paid to employees.
7. Doubtful debts expense cannot be claimed as a tax deduction until a bad debt is written off.
8. Include in other expenses is an amount of $5000 for goodwill impairment write-off.
9. The tax rate for the year ended 30 June 2022 is 30%.

Required:

Using the methods prescribed by AASB 112 i.e., the balance sheet approach.

1. Calculate the taxable income of Winter Ltd for the year ended 30 June 2022.
2. Prepare the Journal entry to record the current tax liability for 2022.
3. Prepare a deferred tax worksheet for the 2022 year.
4. Prepare the journal entries to record any deferred tax assets and liabilities at 30 June 2022.

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