QUESTION $8\mathrm{.}4(10$ marks, $18$ minutes$)$

Jump $($Pty$)$ Ltd is a South African manufacturing company and a registered vendor for VAT purposes. The company is not a small business corporation as defined in the Income Tax Act $58$ of $1962.$ Jump $($Pty$)$ Ltd has a taxable income of R$350000$ for the $2024$ year of assessment $($before taking the transactions below into account$).$ The company's year of assessment ends on the last day of February. During the $2024$ year of assessment, the following capital assets were sold and acquired and they have not been dealt with yet for tax purposes:

Machine A $($initially purchased as a new machine$)$: A capital gain of R$150000$ was realised on the disposal thereof on $30$ June $2023.$ A recoupment of R$25000$ was also realised for income tax purposes. Company management decided to replace machine A with a more technologically advanced machine. Machine $Z($a new manufacturing machine$)$ was purchased at a total cost of R$525000($excluding VAT$)$ on $31$ July $2023$ and was brought into use on $1$ September $2023.$ Installation cost of R$18500($excluding VAT$)$ was incurred during August $2023$ for machine Z$.$

Machine $B($initially purchased as a used machine from an independent supplier$)$: A capital loss of R$20000$ was realised on disposal thereof on $31$ October $2023.$ Due to a change in the manufacturing operations of Jump $($Pty$)$ Ltd$,$ management decided not to replace machine B$.$

A scrapping allowance of R$9500$ originated from the disposal of machine P$.$

Jump $($Pty$)$ Ltd has an assessed capital loss of R$27000$ carried forward from the $2023$ year of assessment.

$\backslash$table$[[$REQUIRED$,$Marks$],[\backslash$table$[[$Calculate the final income tax liability of Jump $($Pty$)$ Ltd for the $2024$ year of assess$-],[$ment$.]],10],[\backslash$table$[[$Note: Jump $($Pty$)$ Ltd will make use of any possible election$($s$)$ that would legally$],[$minimise its tax liability.$]],]]$