tax law

Zhola Pvt Ltd is a company carrying on business in Zimbabwe as a manufacturer. The following information is furnished in respect of its business activities for the year of assessment ended 31 December 2022.
$
Sales 3 300 000
Cost of sales (900 000)
Gross Profit 2 400 000
Less Expenses
Bad and Doubtful Debts 120 000
Research and Experiments 190 000
Motor vehicle repairs and Maintenance 150 000
Depreciation 110 000
Travelling Expenses 60 000
Import Duty on New Machinery 20 000
Audit Fees 12 000
Income Tax Advice 16 000
Zesa Connection Fees 28 000
Interest on loan to construct factory 52 000
Donations 300 000
General expenses 520 000
Proposed Dividends 90 000 (1 668 000)
Operating Profit 732 000

Additional Information:
1. Bad and doubtful debts are made up of the following:
Bad debts proved to be irrecoverable $90 000
Provision for doubtful debts based on 10% of debtors $30 000
Total $120 000

2. 50% of the research and experiments relate to expenditure on equipment acquired at the beginning of the year for purposes of the research and experiments..
3. Travelling Expenses
Business Trip $40 000
Private expenses for the wife of the Managing Director $20 000
Total $60 000

4. Donations include:
Manufacturers Association $60 000
Charitable $40 000
University of Zimbabwe $200 000
Total $300 000

5. General Expenses:
Telephone expenses $80 000
Fire Insurance $20 000
Fuels and Electricity $420 000
Total $520 000

6. The company assets and their Income Tax Values (ITVs) at the beginning of 2022 were as follows:
Cost ITV
Motor Vehicles (Trucks) $200000 100000
Furniture & Fittings $100000 40000
Tractors $120000 60000
Plant & Machinery $240000 130000
Factory Building $1200000 900000

The company had claimed SIA on trucks and Tractors during the year ended 31 December 2021. No Special Initial Allowance (SIA) was claimed on the other assets in previous years.
Additions to assets during the year were as follows:

Machinery $200000
2 Tonne Truck (second hand) $20000
New Office furniture $40000
Extension to factory building $12000

Required
A Computation of the company’s minimum taxable income or maximum assessed loss for the year ended 31 December 2022 including any tax payable if any (25 Marks).