$1.$ Bright Ltd carries on an import and export business in Hong Kong. t closes its accountsto $31$ December annually. During the year ended $31$ December $2023,$ the company hasthe following items of income and expenditure disclosed in its financial statement:Incomes profit per trading accountGross piProfit on sale of property $($Note $1)$Rental incomeCompensation received $($Note $2)$Dividend received from associated companiesExpenditure:Rent and rates $($Note $3)$Salaries $($Note $4)$Contributions to MPF scheme $($Note $5)$Interest $($Note $6)$Motor vehicles expenses $($Note $7)$Bad and doubtful debts $($Note $8)$Tax paid $($Note $9)$CommissionAuditor$\text{'}$s feeElectricity & telephoneDepreciationPrinting & stationeryCash donations to Community ChestReplacement of carpet & curtains $($Note $10)$Legal fees $($Note $11)$Sundry expenses $($Note $12)$Net profitNotes:$(1)$ Profit on sale of property$(2)$ Compensation receivedFor cancellation of trading contract from one of the suppliersFor loss of trading stock from insurance companyFor motor vehicles stolen$(3)$ Rent and ratesRent for business premisesRates for business premisesRates for directors' accommodation$(4)$ SalariesDirectors' remunerationOther staff$(5)$ Contributions to MPF schemeSpecial contribibutionsRegular contributions$(6)$ Interest$(7)$ Motor vehicles expensesPetroleumRepairsCar parking feesFine$(8)$ Bad & doubtful debtsGeneral provision carried forwardBad debts written off: trade debtsLoan to ex$-$staffThe property being sold was held by the company for long$-$term investment.Commercial building allowance of $$15,000$ had been granted in respect of theproperty. After the property was sold, Bright Ltd acquired a new officepremises at a consideration of $$7,500,000$ and the premises was also used forlong$-$term investment. It was agreed by the Assessor that the commercialbuilding allowance of the new office premises for the year of assessment$2023/24$ was $$50,000.$Less: Bad debts recovered $($previously allowed as bad debts$)$General provision brought forwardAmount charged to profit and loss$(9)$ Tax paidProfits taxProperty tax in respect of the property owned by the companySalaries tax for directors$(10)$ Replacement of carpet and curtains$(11)$ Legal feeRenewal of tenancy agreementCollection of trade debtsRecovery of loan owed by ex$-$staff$(12)$ Sundry expenses$11,000,0003,500,000$Rent paid to associated company for directors' accommodation $240,000$All expenses were allowable for profits tax purpose$\mathrm{.}480\mathrm{.}000250,000$Required:$80,00015,310,000620,000($i$2,750,000$Interest expense of $$150,000($Note $6)2,300,000150,000130,000260,0001,500,000$o$500,00020,00085,000170,00090,000500,00075,000$The interest was paid on loan obtained from a bank in Hong Kong which wassecured by a fixed deposit of one of the directors, and the loan was whollyused for the purchase of trading stock$\mathrm{.}32,000250,0009,432,0005\mathrm{.}878\mathrm{.}00080,000120,00050,000250,000360,00012,0008,000620\mathrm{.}0001,500,0001,250,0002,750,0002,050,000250,0002,300,00045,00030,00050,0005,000130\mathrm{.}000100,000240,000140,000480,000$No depreciation allowance had been claimed in respect of the initialpurchase of the carpet and curtains.$(100,000)(120,000)260,0001,300,00057,600142,4001,500,0007,00015,000(13)$ The Assessor agreed that the total depreciation allowances for plant andmachinery for the year of assessment $2023/24$ were $$587,000\mathrm{.}10,00032,000$a$.$ Compute the profits tax payable by Bright Ltd for the year of assessment $2023/24($lgnore provisional profits tax$).$b$.$ Explain your tax treatment of the following items in the computation of profits tax:Contributions to MPF scheme $($Note $5)$