Full Tax Co. is incorporated and tax resident in Barbados. The audited financial statements for Full Tax Co. for year-end December 31, 2020 show an accounting profit after tax of $13,500 after charging the following: Depreciation $5,300 Tax $1,500 Property Tax $10,000 Interest expense $15,000 Preference dividends of $40,000 Legal fees $110,000 Insurance of $75,000 Bad debts $4,000 Foreign Travel $1,500 Repairs and Maintenance $50,000 General expenses $60,000 Other Information 1. Property Tax of $6,000 was paid for the property on which the companys factory is located; $3,000 for the office premises and $1,000 for the directors home 2. The insurance was paid for the factory and office premises. 3. The interest of $5,000 was payable at the companys financial year end. 4. The bad debt expense is a percentage of debtors at year-end 5. The company paid interim ordinarily dividends totaling $10,000 6. Repairs and miniatous include motor vehicle repairs of $30,000 and redoing the office floor; changing it floor wooden flooring to porcelain titles. 7. Included in the companys total assessable income is exempt income of $30,000. $6,500 relates to expenses incurred in earning this exempt income. 8. Legal fees comprise expenses in respect of recovery of debts, $20,000. Expenses in relation to the purchase of new subsidiary $50,000. Expenses related to the increase private share capital, $40,000 of a subsidiary company located in Jamaica. 9. Foreign travel expense was a vacation package for the purchasing of marketing managers (who met with companys clients) and his family plane tickets. 10. General expenses include $12,000 for the school fees of the directors son. 11. During the year Full Tax Co. invested $10,000 in the Enterprise Growth Fund. A certificate was obtained to support this investment. 12. During the year the company obtained an internationally recognized environmental certification. Expenditure incurred to obtain this certification was $20,000. The company obtained a grant from the government to fund this expenditure. 13. The capital allowances have been calculated at $13,550 Required Calculate the Corporation Tax Liability of Full Tax Co. for Y/A: 2020. Using the Barbados Income Tax Act or any other relevant document explain the treatment of the items included or omitted from the income tax computation. The tax rates for general business in Barbados applies. Assume capital allowance rate of 5 % p.a for building . Please note that all amounts are in Barbadian currency.