Water Ltd reported a net profit before tax for the financial year of: 1,800,000 $

As a reporting entity the company adopts AASB 112 Tax Effect. Accordingly they
must consider the future tax effects of entries they have made under the accrual
system.
The net profit was determined after charging the following items:
Impairment of goodwill $80,000
Depreciation of property plant and equipment $26,000
Doubtful Debts expense $4,000
Increase in Provision for LSL $9,000
For taxation purposes the following apply:
Deduction for depreciation of property plant and equipment $35,000
Impairment expense is NOT deductible
Doubtful debts not deductibe
Bad debts written of during the year are deductible $3,000
LSL is deductible when PAID. LSL paid during the year was: $5,000
The company had paid PAYG tax instalments during the year of: $525,000
As the Finance Manager for the company you are required to prepare a
statement reconciling net profit before tax to taxable income as well as the
necessary tax effect journal entries in accordance with AASB 112.