Lucky Pte Ltd is a GST registered manufacturer of electronic telephone components. It reported a net accounting profit before tax of $220,000 for the year ended 30 September 2019 after taking into consideration the following income and expense items: $ Income 5,000 20,000 Recovery of staff loan previously written off. Recovery of trade debt taken over from a subsidiary company previously written off. Investment income: : Interest income from UOB, an approved Singapore bank Singapore one-tier dividend 10,000 20,000 Expenses Construction of concrete ramp leading to the office building Directors' fees 150,000 200,000 1 Depreciation of fixed assets 120,000 32,000 900,000 9,000 1,000 Portable medical shield plans for staff Staff salaries and wages, bonuses and CPF contributions (including excess employer's CPF contribution of $10,000) Laying of new carpet in the office Replacement of office door Loan to an employee written off Legal and Professional fees: Dismissal of dishonest director Income tax appeal New tenancy agreement for office Tax compliance and filing services Audit and other administrative services 27,000 5,000 4,000 2.000 3,000 2,000 3,000 3,800 5,000 Upkeep of vehicles: GS 8765 (Van) SBU 3987 QCV 8668 (registered on 1 June 2010) Provision for warranty expense (based on 1% of the year's sales) Provision for doubtful debts (non-trade) Fine imposed in foreign country 30,000 10,000 5,000 Additional information: S Provision for warranty account: Balance b/f Add: Current year's provision 12,000 30.000 42.000 16.000 26.000 Less: Amount utilised Balance c/f Details extracted from fixed assets register: Date of purchase Description of assets 1 June 2010 13 April 2016 18 Nov 2016 15 Oct 2017 5 May 2019 QCV 8668# Furniture & Fittings Electrical equipment GS 8765 (van)* SBU 3987** 150,000 180,000 90,000 120,000 80,000 # The amount includes $50,000 for Certificate of Entitlement (C.O.E.) The amount includes $30,000 for C.O.E. ** The amount includes $45,000 for C.O.E. Required: Compute the minimum net tax payable of Lucky Pte Ltd for the Year of Assessment 2020. All items of income/expenseson-current asset additions should be accounted for. Where no adjustment is required, please indicate with a "0". Where any income is not taxable or is tax exempt in the Year of Assessment 2020, please indicate accordingly. All answers up to Chargeable Income should be rounded off to the nearest dollar. The calculations to arrive at net tax payable should be rounded off to two decimal places. (25 marks) Lucky Pte Ltd is a GST registered manufacturer of electronic telephone components. It reported a net accounting profit before tax of $220,000 for the year ended 30 September 2019 after taking into consideration the following income and expense items: $ Income 5,000 20,000 Recovery of staff loan previously written off. Recovery of trade debt taken over from a subsidiary company previously written off. Investment income: : Interest income from UOB, an approved Singapore bank Singapore one-tier dividend 10,000 20,000 Expenses Construction of concrete ramp leading to the office building Directors' fees 150,000 200,000 1 Depreciation of fixed assets 120,000 32,000 900,000 9,000 1,000 Portable medical shield plans for staff Staff salaries and wages, bonuses and CPF contributions (including excess employer's CPF contribution of $10,000) Laying of new carpet in the office Replacement of office door Loan to an employee written off Legal and Professional fees: Dismissal of dishonest director Income tax appeal New tenancy agreement for office Tax compliance and filing services Audit and other administrative services 27,000 5,000 4,000 2.000 3,000 2,000 3,000 3,800 5,000 Upkeep of vehicles: GS 8765 (Van) SBU 3987 QCV 8668 (registered on 1 June 2010) Provision for warranty expense (based on 1% of the year's sales) Provision for doubtful debts (non-trade) Fine imposed in foreign country 30,000 10,000 5,000 Additional information: S Provision for warranty account: Balance b/f Add: Current year's provision 12,000 30.000 42.000 16.000 26.000 Less: Amount utilised Balance c/f Details extracted from fixed assets register: Date of purchase Description of assets 1 June 2010 13 April 2016 18 Nov 2016 15 Oct 2017 5 May 2019 QCV 8668# Furniture & Fittings Electrical equipment GS 8765 (van)* SBU 3987** 150,000 180,000 90,000 120,000 80,000 # The amount includes $50,000 for Certificate of Entitlement (C.O.E.) The amount includes $30,000 for C.O.E. ** The amount includes $45,000 for C.O.E. Required: Compute the minimum net tax payable of Lucky Pte Ltd for the Year of Assessment 2020. All items of income/expenseson-current asset additions should be accounted for. Where no adjustment is required, please indicate with a "0". Where any income is not taxable or is tax exempt in the Year of Assessment 2020, please indicate accordingly. All answers up to Chargeable Income should be rounded off to the nearest dollar. The calculations to arrive at net tax payable should be rounded off to two decimal places. (25 marks)