Cape Roben Island Limited presented the following Statement of Profit and Loss a income of the company for the year ended 31 December 2017: Income Statement for the year ended 31 December 2017 Gross Profit Investment income Profit on sale of shares Directors remuneration Interest Audit fees and expenses Bad debts Depreciation Miscellaneous expenses Net profit Notes 1. Investment income: Note 2 3 5 Dividends from shares in Wakulima Commercial Bank Ltd Interest on fixed deposit account Interest on Treasury bills Dividends from a subsidiary company Sh. 1,864,000 284,636 216.324 2,364,960 1,020,000 273,000 216,000 158,400 344,760 133.600 2,146,360 218,600 Sh. 72,000 58,760 93,876 60.000 284,636 2. 6. 3. 4. 5. Directors remuneration: Directors fees Travelling expenses - directors Payment to directors pension scheme Compensation to a former director for wrongful termination contract Interest expenses Interest on bank overdraft Interest on loan from a foreign bank Interest on loan to purchase investment shares Audit fees and expenses: Audit fees Tax appeal against assessment Book-keeping fees Audit expense paid in relation to a discontinued business line Bad debts: Embezzlement by staff Insurance compensation on embezzlement Bad debts written off General provision for bad debts Miscellaneous expenses: Acquisition of a 100 year lease on business premises Directors Christmas party Subscription to a trade association A.S.K show contribution Donation to a children's home Sh. 240,000 400,000 160,000 220,000 1,020,000 Sh. 151,200 50,400 72,000 273,600 Sh. 68,000 32,000 48,000 68,000 216,000 Sh. 21,600 (12,000) 28,800 120.000 158,400 Sh. 28,000 24,000 30,000 10,000 41,600 133,600 Required: Determine the adjusted taxable profit or loss of Cape Roben Island Limited for the year ended 31 December 2017. (20 marks)