Golden glow (Pty) Ltd is a retailer of industrial machinery. The machinery sold by Golden glow (Pty) Ltd is purchased from local manufacturers. In recent years, Golden glow has also started manufacturing machines for the retail market. Golden glow has two retail outlets: one in Durban and one in Johannesburg. The manufacturing operation as well as bulk storage of stock is housed in a building in Johannesburg. The following information is provided for the year ended 28 February 2023. Sales R25 000 000 Purchases at cost: Machines for retail R10 000 000 Components for the manufacturing process R2 000 000 Consumable stores R500 000 A new manufacturing machine (for use in the manufacturing process R200 000 Spare parts for the manufacturing machine R30 000 In June 2022, Golden glow (Pty) Ltd removed on of the machines that it had acquired for resale from stock and installed it in the factory for use in the manufacturing process. The machine had been acquired in March 2022 for R100 000. At the time that it was take out of stock, the machines market value was R130 000. Opening stock on hand at 1 March 2022 was as follows: Machines for retail R2 000 000 Work in progress (i.e. machines being manufactured) R500 000 Consumable stores R20 000 Labour and direct overhead costs in respect of the manufacturing process R4 000 000 Stock on hand (at cost) at 28 February 2023 comprised: - Machines acquired for retail A certain model of machine was considered to be obsolete. There were two such machines on hand. The machines had cost R20 000 each. The commissioner will allow these machines to be reflected at 50% of their cost. - Work in progress - Components used - Labour and direct overheads - Spare parts Consumable stores R1 220 000 R28 000 R22 000 R30 000 R150 000 Other tax allowances and deductions of for the year. R2 800 000 Purchase of a new printer for cash (Purchased and brought into use on 30 June 2022). Delivery and transport charges Installation costs. (The installation costs were incurred when an electrical power point had to be relocated to provide power to the printer.) Foundation alterations (Strengthening floor to hold the weight of the printer) R32 000 R1 000 R750 R1 500 The company commenced with the erection of its own factory on 1 December 2022. At 29 February 2023 (the companys year-end), R3 000 000 (excluding VAT) had been incurred on the construction of the factory. The factory was completed on 31 December 2023 at a total cost of R18 000 000 (excluding VAT). Juba Ltd used the factory for the first time in January 2023. The company registered its environmentally friendly logo as a trade mark to be included on all future product packaging. R38 800 Question 1 Required: Compute Golden glow (Pty) Ltds taxable income for the year ended 28 February 2023 NB: Ignore VAT