2.1 REQUIRED: Calculate Gaterite Limited's taxable income for the year ending 31 March 2019. (10 marks) INFORMATION: On 1 October 2018, Gaterite Limited commenced operating a business. The company was registered in October 2018 and has a March year end. Trading only commenced on 1 January 2019. However, certain expenditure was incurred between the time of registration in October 2018 and commencement of trading on 1 January 2019. Pre-trade expenditure between 1 October 2018 to 31 December 2018 was as follows: Materials purchased R24 000 Three months rental of premises R6 000 Electricity, water and insurance R2 000 . . The following information relates to the period during which Gaterite was trading i.e. 1 January 2019 to 31 March 2019 Gross income Materials purchased Closing stock Rental of premises Electricity, water and insurance R150 000 R145 000 R110 000 R 9 000 R3 000