DUEDATE: AUGUST 1,2022 QUESTION ONE Appie Mogic has beer in business for many yaare pleparing accourte to 31 Decerrber each year. Th ecompary has ahay salculated arid paid provisional income tax on the due dates. At the start of 1 he fuk year 2018 the comparry eetirrated the provieional terable profits to be k1,200,000. Provision al income tax was calculated correctly and paid on the appropriate due dates. At the and of the tax yerr 2018, the actual finai takable profit was 161,500,000. The company calculated thie tiatance of in zome tax for the tax year 2016 and ala enalcilated the provisianal taxable profit for the tax year 20 19 of K2,10, 000 in tarnary 2019 In late January 2019, a fire guited the campany's main warehouse and deastroyed propert y worth millians of Kwacha Foliowng the disanter, the company experienced a strain an Its cash resources and as a result, started facing challenges in carrying enough inventori es to meet sales demand, leading to a reduction in sales volume. The company therefore revised the provesional taxable businema profit far the tax year 2019 from the original enti mate of K2,100,000 to K1,600,000. As a result of the poor liquidity position, the company experienced after the fire disaster, t he provisional income tax for the quarter ended 31 March 2019, was paid on 9 July 2019 and the retum of provisional income farthe tax year 2019 was submitted an that date. T he provisional income tax for the quarter ended 30 June 2019 was paid on 9 September 2019. whilst the balance of income tax for the tax year 2018 was paid on 20 September 2019 with the self-assiesiment income tax return for the tax yaxt 2018 also being submit ted on 20 September 2019. Cash flow problems were fully resolved after 20 September 2019 and the direotors are no w confident that all the cutstanding taxen thereafter, will bepaid promptly on the relevan t due dates. Youshould assume that the income tax rates for the tax year 2019 apply throughout and 1 hat the Bank of Zambia discourit rate in 144 per annum. Required (10 marks) b) Identify the dates when tax returns ware submitted late and calcul ate the amounts of penalties for late submission of those returns: (10 marks)