Calculate taxable income from business. * 10 points The income statement with selective notes thereon of XYZ Ltd for the year ended on 31 December, 2020 is as under: XYZ Ltd Income statement For the year ended December 31, 2020 Particulars Amount Net sales 100,00,000 Less: Cost of goods sold 68,00,000 Gross profit 32,00,000 Add: gain on sale of building (Note 1) 12,00,000 44,00,000 Less: selling and admin expenses 34,00.000 Net profit 10.00.000 Other information: 1) The cost of the building was Taka 80,00,000 and the amount of accumulated depreciation up to the date of sale was Taka 27,00,000 and sold for Taka 65,00,000 2) Selling and admin expenses total Taka 34,00,000 includes: Salaries and wages Fines and penalties Rents, rates and taxes Legal charges Incentive bonuses Audit fees Provision for bad and doubtful debt Underwriting commission Overseas travelling expenses Cost of issuing shares Depreciation expense Taka 1562,000 125,000 80,000 37,000 40,000 60,000 60,000 120.000 11,00,000 100,000 116,000