At year end 31^st December 2022, Jones Enterprise Limited has profits before tax of $500,000 after charging the following:

$

Depreciation 70,000

Interest expense 100,000

Interest income (gross) (50,000)

Additional information:

The interest payable at 31^st December 2021 was $25,000 and at 31^st December 2022 was $30,000.

Gross interest receivable at 31^st December 2022 was $15,000 and 31^st December 2021 was $20,000.

Required

Calculate the Tax liability for 2022. (10 marks)