Drewsbury (Pty) Ltd is a company located in Cape Town that manufactures cement and building accessories. The following information is available for the year ended 28 February 2023 (all amounts exclude VAT unless otherwise stated): Income Sales Interest received Expenses and costs Purchases of raw materials during the year Inventory Bad debts Learnership agreement Salaries and wages Legal expenses Annuity paid to former employee Repairs and maintenance Broad-based employee share plans Restraint of trade Machinery (including Vat) Notes Notes R 11 000 000 82 000 1 2 3 4 5 6 3 000 000 ? 90 000 ? 2 780 000 112 000 35 000 7 25 000 8 ? 9 180 000 10 460 000 1. The cost price of the opening stock was R950 000 and the market value was R920 000 as on 1 March 2022. The cost price of the closing stock was R820 000 and the market value was R830 000 on 28 February 2023. 2. The following bad debts were written off during the current year of assessment: Trade debtors (R75 000) Loan to a supplier (R15 000). 3. The company entered into registered learnership agreements (that fulfil all the section 12H criteria) with Jimmy Stokes and Khaya Rabada. Jimmy was employed on 1 September 2022 as a 'learner' on a full-time basis, with a level 6 NQF qualification. This qualification will be required to be completed at the end of two years. Khaya Rabada (a disabled person) was registered as a 'learner' on a part-time basis on 1 March 2022, with a level 8 NQF qualification. In terms of the registered learnership agreement, the learnership will be completed at the end of 12 months. 4. Salaries paid during the current year of assessment amounted to R2 600 000 and the company also contributed R180 000 towards the provident fund on behalf of the company's employees. 5. Legal expenses were incurred as follows: Drafting of a restraint of trade agreement amounting to R12 000 for an employee who had resigned to start his own business. The balance of the expenses relate to collection of outstanding trade debtors. 6. The company paid an annuity of R35 000 to an ex-employee who retired at 65 years of age during the current year of assessment. 7. Included in repairs and maintenance expenditure is an amount of R500 paid to the night guard for repairing the electrical fencing that was damaged in a severe thunderstorm. 8. On 3 January 2023, the company granted 2 000 shares to 75 of its permanent staff at no consideration. The market value per share was R7 on the date that the shares were offered and they carry no restrictions. The plan in terms of which the shares were issued by the company qualifies as a broad-based employee share plan in terms of section 8B. 9. The full payment was made to the former operations manager on 1 December 2022 for agreeing not to start a business in South Africa within a period of five years. 10. On 2 April 2022, a new manufacturing machine was acquired which was brought into use on 1 June 2022. The company elects the Section 12C write-off allowance. Required: Calculate in detail Drewsbury (Pty) Ltd.'s taxable income for the year ended 28 February 2023. Show all workings and full explanations where applicable.