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QUESTION 2 25 points Section 24 ) at the Income Tax Act (Cap 470) sequites companies to adequately distribute their profits as divided within twelve months at the end of the accounting pened Outine the Gestandes under which a company may apply for exemption from the shortalitron requirements Sims) Miesto na started prospecting for mineraat Taveta distrithrom 2016. The following expenses were incurted from tratate Expenses relating to reaching eng mining access to mine mounted to 6200.000. 10.000 was paid to government for acquisition of gres over the min 100.000 for the purchase of a land Labour quarter were constructed at the cost of 50.000 senior managers notes on the site at a cost of 40.000 anu me manage Grectors house at a nearty trading centre at a cost of 200,000 The company purchased processing machinery for mining at a cost of E120,000 Computers for 10,000, bicycle for the messenger at cooo, a to iera20,000, saloon car for the general managers at 000.000, tum tor Managing Director, nouse at 10.000 de force 40,000 Small plane was acquired at a cost of 100.000 and a typewrite for 08.000Store was constructed at the of 30,000 Required Compute the capitalowance due to the company for the year 2016 and 2013 mg aming comment in the year 2010 (miks) Expatruirements at an application for refund of VAT in respect of Bades Smks) Ercicio VAT (Smks) For the prest- FC TFF BIS AW 2 T. a A 10 1 QUESTION 2 25 points Section 24 ) at the Income Tax Act (Cap 470) sequites companies to adequately distribute their profits as divided within twelve months at the end of the accounting pened Outine the Gestandes under which a company may apply for exemption from the shortalitron requirements Sims) Miesto na started prospecting for mineraat Taveta distrithrom 2016. The following expenses were incurted from tratate Expenses relating to reaching eng mining access to mine mounted to 6200.000. 10.000 was paid to government for acquisition of gres over the min 100.000 for the purchase of a land Labour quarter were constructed at the cost of 50.000 senior managers notes on the site at a cost of 40.000 anu me manage Grectors house at a nearty trading centre at a cost of 200,000 The company purchased processing machinery for mining at a cost of E120,000 Computers for 10,000, bicycle for the messenger at cooo, a to iera20,000, saloon car for the general managers at 000.000, tum tor Managing Director, nouse at 10.000 de force 40,000 Small plane was acquired at a cost of 100.000 and a typewrite for 08.000Store was constructed at the of 30,000 Required Compute the capitalowance due to the company for the year 2016 and 2013 mg aming comment in the year 2010 (miks) Expatruirements at an application for refund of VAT in respect of Bades Smks) Ercicio VAT (Smks) For the prest- FC TFF BIS AW 2 T. a A 10 1