MBI Sdn Bhd is in the business of operating a houseboat in a resort and closes its accounts to 31 December annually. Relevant information of the company's profit and loss account for the year ended 31 December 2019 is shown below:- RM R M Sales 1,600,000 Less: Cost of sales (800,000) Gross profit 800,000 Add: Other income Dividend income remitted from China 10,000 810,000 Less: Expenses Foreign exchange loss - trade related and realised 50,000 Leave passage for directors - overseas trip 6,000 Professional fees for company secretary 5,000 Depreciation 13,000 Entertainment of suppliers 12,000 Other deductible expenses 144,000 (230,000) Profit before tax 580,000 Additional notes relevant to the tax computation are as follows: i) During the year ended 31 December 2019, the company acquired office furniture comprising table and chairs costing RM100,000. It was confirmed that each asset costs more than RM1,000 and the claim for small value assets does not apply. The residual expenditure for the brought forward assets was nil. ii) Unabsorbed losses brought forward from the previous year of assessment was RM10,000. iii) The company's issued paid-up share capital is RM2,000,000. Required: Compute the chargeable income and the income tax payable of MBI Sdn Bhd for the year of assessment 2020