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The accountant of Simplicity Ltd provides you with the following details of the accounts as at December 31, 2023. Profit before tax is $46,000,000 after charging/crediting the following: $ Depreciation 1,050,000 Interest Expense 1,200,000 Bad Debt 810,000 Legal Fees 900,000 Audit Fees 10,100,000 Interest Income 1,400,000 The following notes may be useful:

1. Legal Fees include the following items

: - $300,000 with respect to recovery of debts. - $600,000 with respect to cost of successfully refuting allegations of breaches of the law.

2. Included in revenue are is refund of income tax of $250,000 in respect of 2022

3. An analysis of the interest income account revealed the following: Interest Receivable as at 31.12.2022 $560,000 Interest Receivable as at 31.12.2023 $400,000

4. An analysis of the interest expense account revealed the following: Interest Payable as at 31.12.2022 $650,000 Interest Payable as at 31.12.2023 $480,000

5. The Bad debt comprises of a loan for $350,000 to a staff who left the company and $460,000 representing all unpaid sales over 180 days.

6. Tax deducted at source from Interest Income amounted to $820,000.

7. Capital allowances and charges were computed as follows: Initial allowance - $750,000 Annual allowance - $2,600,000 Balancing allowance - $680,000 Balancing charges - $900,000

8. The company made an unused tax adjusted loss of $8,080,000 for the previous year of assessment and has been agreed with the Commissioner.

9. Estimated Tax paid for year ended December 2023 amounted to $2,000,000.

10. The company paid total statutory payroll taxes of $3,720,000 excluding PAYE, on time and in full. Required: (50 marks) If the company is an unregulated company in the retail industry, compute the following for the year of assessment 2023:

1. Chargeable profit

2. Taxable profit

3. Income tax liability

4. Tax payable

5. Effective Tax rate