Below is the return for Precious Life Assurance Company for 2016 year of assessment

GHS GHS

Investment Income 200,000

General and Administration expenses 70,000

Salaries and Wages 60,000

Vehicle expenses 50,000

Commission paid to agents 40,000 220,000

Net Loss 20,000

Notes to the account:

Vehicle expenses 15% relate to the MDs private vehicle

Administrative expenses were overstated by GHS7,500

Required:

Compute the chargeable income of Precious Life Assurance Company for 2016 year of assessment