QUESTION $2(20$ Marks$)$ ABC Ltd$,$ a South African based company, sells stationery in Cape Town. The current financial year ends on $29$ February $2024.$ The following information relates to the business activities: Profit before tax is R$625425,$ before taking the following information into account: $1)$ On $14$ January $2023,$ equipment was purchased for $$50000$ from an American Company. The equipment was delivered on $28$ January $2023.$ It was paid in full on $30$ June $2023$ and brought into use on $15$ July $2023.$ The following costs were incurred: Freight and insurance R$15000$ Import duties R$22500$ The exchange rates were as follows: $14$ January $20231$$$=$R$16\mathrm{.}5028$ January $20231$$$=$R$16\mathrm{.}6028$ February $20231$$$=$R$16\mathrm{.}7530$ June $20231$$$=$R$17\mathrm{.}6515$ July $20231$$$=$R$18\mathrm{.}0329$ February $20241$$$=$R$18\mathrm{.}552)$ Bad debts written off consist of the following: Trade debtors R$15000$ Loan to employee X R$20000$ Employee X has left the employment and there is no trace of him. $3)$ Legal Fees to the amount of R$61000$ was incurred for the following: Collection of outstanding trade debtors R$30000$ Court cases regarding employee claims R$26000$ Legal Appeal to SARS R $50004)$ Salaries of R$80000$ was paid in the $2024$ year of assessment. $5)$ UIF contributions paid by company $($company contributions paidto UIF$)$ R$12500.6)$ Premiums of R$50000$ paid on insurance policies by the employers for its employee against severe illness and dreaded diseases. $7)$ ABC $($Ltd$)$ entered into a three$-$year learnership agreement on $1$ March with Employee D$.$ The employee has to complete a NQF level $6$ by $28$ February $2026.$ The employee does not have any disability. $8)$ Doubtful debts in the previous year amounted to R$35000$ and doubtful debts allowance for the current year R$45000.9)$ Assessed loss of R$25000$ from trading activities brought forward from the $2023$ year of assessment. Required: Calculate the taxable income for the $2024$ Year of Assessment after taking into account the deductions.