JPC Ltd. is in the business of processing snack packs. For the year end December 31, 2020 JPC Ltd has a Profit before tax is $8.5 Million after charging/crediting the following:

$ Depreciation 240,000

Interest Expense 600,000

Legal Fees 900,000

Audit Fees 300,000

Interest Income 75,000

Foreign Travel 175,000

Bad debts 315,000

Donations 100,000

Additional information:

a) Legal Fees include the following items:

- Expenses related to the cost of acquiring fixed assets - $400,000

- Expenses in respect of the recovery of debts - $500,000

b) Bad debts are as follows:

- A loan of $75,000 to a salesman who left without repaying it

- $43,000 owed by Stans Supermarket which sent confirmation that they went into bankruptcy.

- The balance of $197,000 is a percentage of receivables at year end which is deemed to be bad.

c) Interest payable at 31^st December 2019 was $225,000 and at the end of 2020 is $140,000.

d) Capital allowances: the disposal resulted in balancing charge of $60,000; other capital allowances for the year have been computed at $360,000.

e) Tax deducted at source from Interest Income during the year was to $25,000.

f) The company made an unused tax adjusted loss of $5,867,250 for the previous year of assessment and has been agreed with the Commissioner.

g) Estimated Tax paid for year ended December 2020 amounted to $450,000.

h) Included in foreign travel is $105,500 for the Managing Directors family.

i) The company paid statutory payroll taxes of $500,000

Required:

Compute the companys income tax liability for the year of assessment 2020, as well as the tax payable by the company. (The company is a regulated company)