Only need to answer question (ii), computation and depreciation allowance schedule, thank u very much

AXE Limited, carries on business in Hong Kong, providing management consultancy services to clients in Hong Kong. Below was the audited profits and loss statement provided by their CFO for the year ended 31 December 2020. Notes $ (1) Income from consultancy services Interest income Dividend income from HK listed shares Profit on disposal of fixed assets $ 1,250,000 12,000 113,000 15,000 1,390,000 (8) Salaries and staff benefits Professional Fees Staff MPF contributions Rent and rates Miscellaneous expense Interest expenses Depreciation Net profit (2) (3) (4) (5) (6) (7) (8) (180,000) (290,000) (15,000) (200,000) (50,000) (20,000) (38,000) (793,000) 597,000 Additional notes to the above: (1) Interest income included $7,000 interest on Euro deposit placed with East Asia Bank in Hong Kong, $3,000 interest on HK$ deposit placed with Citibank's New York Branch in the US and $2,000 overdue interests from clients. (2) AXE Limited employed two full-time employees as consultants. (3) Professional fees included $40,000 being audit and tax advisory fees and the fees for the accounting and payroll services outsourced to Chiu & Co CPA. (4) The contributions to MPF schemes for staff represent 5% of the basic salary of staff. (5) Rent and rates include $10,000 curtain replacement for the office. (6) Miscellaneous expense comprises: Cash Donation to Hong Kong Community Chest Penalties for late payment of profits tax Others (all deductible expenses) Total $ 10,000 15,000 25,000 50,000 (7) Interest expense of $20,000 was paid on a bank loan from HSBC Hong Kong obtained to finance the business operation. (8) During the year, an electric van was acquired at a cost of $220,000. An old van was sold for $20,000. The net book value of the old van was $5,000 (original cost $180,000). There is no other additions to fixed asset during the year. Based on 2019/20 profits tax return, the tax written down value of the plant and machinery 20% pool is $60,000 and 30% pool is $80,000. 7 Required: (i) Explain the obligations of keeping records of AXEs Limited (Client 3) with respect to Hong Kong profits tax. (5 marks) (ii) Compute the profits tax payable by AXE Limited (Client 3) including the depreciation allowance schedule for the year of assessment 2020/21. (25 marks) [Total for Client 3 AXE Limited: 30 marks] AXE Limited, carries on business in Hong Kong, providing management consultancy services to clients in Hong Kong. Below was the audited profits and loss statement provided by their CFO for the year ended 31 December 2020. Notes $ (1) Income from consultancy services Interest income Dividend income from HK listed shares Profit on disposal of fixed assets $ 1,250,000 12,000 113,000 15,000 1,390,000 (8) Salaries and staff benefits Professional Fees Staff MPF contributions Rent and rates Miscellaneous expense Interest expenses Depreciation Net profit (2) (3) (4) (5) (6) (7) (8) (180,000) (290,000) (15,000) (200,000) (50,000) (20,000) (38,000) (793,000) 597,000 Additional notes to the above: (1) Interest income included $7,000 interest on Euro deposit placed with East Asia Bank in Hong Kong, $3,000 interest on HK$ deposit placed with Citibank's New York Branch in the US and $2,000 overdue interests from clients. (2) AXE Limited employed two full-time employees as consultants. (3) Professional fees included $40,000 being audit and tax advisory fees and the fees for the accounting and payroll services outsourced to Chiu & Co CPA. (4) The contributions to MPF schemes for staff represent 5% of the basic salary of staff. (5) Rent and rates include $10,000 curtain replacement for the office. (6) Miscellaneous expense comprises: Cash Donation to Hong Kong Community Chest Penalties for late payment of profits tax Others (all deductible expenses) Total $ 10,000 15,000 25,000 50,000 (7) Interest expense of $20,000 was paid on a bank loan from HSBC Hong Kong obtained to finance the business operation. (8) During the year, an electric van was acquired at a cost of $220,000. An old van was sold for $20,000. The net book value of the old van was $5,000 (original cost $180,000). There is no other additions to fixed asset during the year. Based on 2019/20 profits tax return, the tax written down value of the plant and machinery 20% pool is $60,000 and 30% pool is $80,000. 7 Required: (i) Explain the obligations of keeping records of AXEs Limited (Client 3) with respect to Hong Kong profits tax. (5 marks) (ii) Compute the profits tax payable by AXE Limited (Client 3) including the depreciation allowance schedule for the year of assessment 2020/21. (25 marks) [Total for Client 3 AXE Limited: 30 marks]