64 HTAX331-1-Jul-Dec2023-FA1-V3-AP-04072023 ANNEXURE F: FORMATIVE ASSESSMENT 1 QUESTION 3 (8 marks) Happy Trees (Pty) Ltd ('Happy Trees'), a resident of South Africa, is a nursery with a 31 March financial year-end. Happy Trees suffered an assessed loss of R2 000000 during its 2022 year of assessment. During the 2023 year of assessment, Happy Trees realised a taxable income of R1 063933 from its trading operations. Happy Trees is not a small business corporation as defined in section 12E. REQUIRED: Calculate the normal tax liability (if any) for Happy Trees (Pty) Ltd for the 2023 year of assessment. An income tax rate of 27% is applicable. Show all your calculations clearly and round to the nearest rand. (8 marks) 65 HTAX331-1-Jul-Dec2023-FA1-V3-AP-04072023