Below is the income statement of Global Feed Manufacturing Company Limited, located in Wassa in the Western Region of Ghana. The statement covers the year ended 31/12/2012. GH000 GH 000 Gross Profit 618,750 Rent Income 156, 250 Other Income 25,000 800,000 Less: Expenses Management Salaries 43,750 Staff Salaries 21, 250 Equipment 18,125 Depreciation 7,500 Casual Labour 10,500 Office Rent 9,000 Vehicle Repairs 19,500 Business Promotions 5,250 Donations 11,375 Repairs of Factory Premises 28,500 Office Expenses 22,500 Bad Debts 73,750 Advertisements 1,500 272,500 Net Profit 527,500 Notes to the Accounts: 1. Other income includes profit on disposal of fixtures and fittings amounting to GH15,000,000. 2. Casual Labour is made up of Factory Hands and Wages of employees in Directors Private Property amounting to GH6,250,000 and GH4,250,000 respectively. 3. Vehicle Repairs includes cost of new engine of GH4,500,000, fuel & lubricants of GH8,750,000 and Tyres and Tubes of GH6,250,000. 4. Donations consist of the following: Kotoko Football Club GH7,500,000, National Trust Fund GH125,000 and Bereaved members of staff GH3,750,000 as part of funeral policy approved by the board. 5. Business Promotions: a. Wedding reception for Directors wedding day GH3,500,000 b. Cost of entertaining business partners GH1,750,000 6. Repairs to Factory premises: GH a. Cost of New tiles for floor 16, 000,000 b. New gates for factory 10,000,000 c. Repair of cracks in the wall 2,500,000 7. Office Expenses includes New personal computer and stationary amounting to GH18,750,000 and GH3,750,000 respectively. 8. Office rent paid of GH 9,000,000 represents two years rent for the period ending 31st December 2013. Rental Income is taxed 8% final. 9. The written value of the companys chargeable assets as at 31/12/2011 were as follows: GH Building (cost 6,250,000) 5,000,000 Motor Vehicles 225,000,000 Plant and Machinery 7,500,000 Computers 5,000,000 Required: (a) Determine the Equipment 18,125 Depreciation 7,500 Casual Labour 10,500 Office Rent 9,000 Vehicle Repairs 19,500 Business Promotions 5,250 Donations 11,375 Repairs of Factory Premises 28,500 Office Expenses 22,500 Bad Debts 73,750 Advertisements 1,500 272,500 Net Profit 527,500 Notes to the Accounts: 1. Other income includes profit on disposal of fixtures and fittings amounting to GH15,000,000. 2. Casual Labour is made up of Factory Hands and Wages of employees in Directors Private Property amounting to GH6,250,000 and GH4,250,000 respectively. 3. Vehicle Repairs includes cost of new engine of GH4,500,000, fuel & lubricants of GH8,750,000 and Tyres and Tubes of GH6,250,000. 4. Donations consist of the following: Kotoko Football Club GH7,500,000, National Trust Fund GH125,000 and Bereaved members of staff GH3,750,000 as part of funeral policy approved by the board. 5. Business Promotions: a. Wedding reception for Directors wedding day GH3,500,000 b. Cost of entertaining business partners GH1,750,000 6. Repairs to Factory premises: GH a. Cost of New tiles for floor 16, 000,000 b. New gates for factory 10,000,000 c. Repair of cracks in the wall 2,500,000 7. Office Expenses includes New personal computer and stationary amounting to GH18,750,000 and GH3,750,000 respectively. 8. Office rent paid of GH 9,000,000 represents two years rent for the period ending 31st December 2013. Rental Income is taxed 8% final. 9. The written value of the companys chargeable assets as at 31/12/2011 were as follows: GH Building (cost 6,250,000) 5,000,000 Motor Vehicles 225,000,000 Plant and Machinery 7,500,000 Computers 5,000,000 Required: (a) Determine the Companys Chargeable income and Tax Liability with Relevant Explanatory Notes for the 2012 year of assessment. c) Outline the Principles for Examination of Corporate Accounting Statements for Tax Purposes. b) Outline any SIX (6) Tax Incentives to Companies in Ghana. ( for Tax Purposes. b) Outline any SIX (6) Tax Incentives to Companies in Ghana.