it's a taxation assignment

QUESTION ONE QUESTIONS NAPAS Petroleum Company Ltd has been in oil prospecting business since 1959. The statement of performance for year ended 31st December. 2017 is as fnllnws: The following information is given on the statement. a) Only 20% of the Crude oil sold was made to the local market. It was reported that 300,000 barrels of a crude.were exported during the year under review of USD 16.00 per barrel. b) The rate of exchange was N20 to a USD. c) It was reported that the actual price of crude was N325 per barrel. A) The natural aas sold came from two contracts. e) Miscellaneous Income include N12,500,000 income from ocean going oil tanker. An equivalent attendant expenses amounting to N4,800,000 is included in administrative expenses. f) Custom duty on plants and storage tanks of N1,750,000 was included in the operating cost. g) Depreciation of N3,000,000 is included in administrative expenses. h) Interest paid include N3,500,000 which was paid to an associated Company. i) A sum of N1,750,000 paid to another Company to retrieve information relating to existence of A A sum of Apete was included in operating expenses. j) Capital Allowances brought forward was N7,568,000. 1) Non - Productive Rent included in Rent is N2,500,000. Required: i) Compute the Chargeable Tax in acceptable sequence stating the relevant year of assessment. ii) Explain briefly the issue of transportation business by an Ocean Going Company using the data available in the statement. Show computation. (20 Marks) QUESTION ONE QUESTIONS NAPAS Petroleum Company Ltd has been in oil prospecting business since 1959. The statement of performance for year ended 31st December. 2017 is as fnllnws: The following information is given on the statement. a) Only 20% of the Crude oil sold was made to the local market. It was reported that 300,000 barrels of a crude.were exported during the year under review of USD 16.00 per barrel. b) The rate of exchange was N20 to a USD. c) It was reported that the actual price of crude was N325 per barrel. A) The natural aas sold came from two contracts. e) Miscellaneous Income include N12,500,000 income from ocean going oil tanker. An equivalent attendant expenses amounting to N4,800,000 is included in administrative expenses. f) Custom duty on plants and storage tanks of N1,750,000 was included in the operating cost. g) Depreciation of N3,000,000 is included in administrative expenses. h) Interest paid include N3,500,000 which was paid to an associated Company. i) A sum of N1,750,000 paid to another Company to retrieve information relating to existence of A A sum of Apete was included in operating expenses. j) Capital Allowances brought forward was N7,568,000. 1) Non - Productive Rent included in Rent is N2,500,000. Required: i) Compute the Chargeable Tax in acceptable sequence stating the relevant year of assessment. ii) Explain briefly the issue of transportation business by an Ocean Going Company using the data available in the statement. Show computation. (20 Marks)