Golden glow (Py) Ldd is a retailer of industral machinery. The machinery sold by Golden glow (Pty) Ltd is purchased trom local manutacturers. In rocent yeas, Golden glow has also started manufacturing machines for the retal market. Golden glow has two retal cubets one in Durban and one in Johannesburg. The manutacturing operation as wel as bukk storage of stock is housed in a buiding in Johannesburg. The following information is provided for the year ended 28 February 2023. In June 2022, Golden glow (Pty) Lld removed one of the machines that it had aoquired 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 fime that 1 was take out of stock, the machine's market value was R130000. Opening stock on hand at 1 March 2022 was as follows: \begin{tabular}{|l|l|} \hline & \\ \hline Machines for retall & R2000000 \\ \hline Work in progress (ie. machines being manufactured) & R500000 \\ \hline Consumable stores & R20000 \\ \hline Labour and direct overhead costs in respect of the manufacturing process & R4000000 \\ \hline \end{tabular} Stock on hand (at cost) at 28 February 2023 comprised: - Machines acquired for refail R1 220000 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 R. 28000 R 22000 R 30000 Other tax allowances and deductions of for the year. R 150000 Purchase of a new printer for cash R2 800000 (Purchased and brought into use on 30 June 2022). Delivery and transport charges R32000 Installation costs. R1 000 R750 (The installabon costs were incurred when an electrical powet point had to be relocated to provide power to the printer.) Foundation aheravions (Strengthering fioor to hold the weight of the printer) The company commenced with the erection of is awm fachary on 1000000 (excluding 2022. At 29 February 2023 (the compary's yearend). R3 c00 faciory. VAT) had been incurred on the construsisn of The company registered its environmentally (riendy logo as a trade mark to be R3B included on all future product packaging. Required: Compute Golden glow (Pty) Lid's taxable income for the year ended 28 Fobruary 2023 NB: Ignore VAT