During the year of assessment 2021 Elizabeth Bernard, a self-employed, age 56 earning a pension presents you with the following information to prepare her taxes for filing: i. Income from consultancy services $3,000,000 for the year ii. Income from her Cookshop operated from home is $500,000 per year iii. Gross interest from bank account $10,000 from which $2,500 withholding tax was deducted by NSB and withheld Pension earned for the year $100,000 iv. Required: A. Explain what is meant by Statutory Income. (2 marks) B. Calculate Elizabeth's Statutory Income. (7.5 marks) C. Compute tax liabilities and net income for the year 2021 showing all amounts payable to the various statutory bodies. (10.5 marks) (Total 20 marks)