QUESTION 1 (50 marks) . Mulaudzi Limited purchased land on 1 March 2020 at a cost of R250 000. The land is not depreciated and no deduction have been allowed for tax purposes. The land was sold during the year ended 28 February 2023 for R300 000. The base cost of the land is R250 000 In the books of Mulaudzi Limited, there are also plant and Equipment carrying amounts appearing in the statement of financial position as R120 000 on 28 February 2023 and R145 000 on 2022. Tax base of Plant and Equipment on 28 February 2022 was R115 000 and Wear and tear is R30 000 per annum. The following information is also relevant to the tax computation: Expenses prepaid amount to R40 000 on 28 February 2023 and RO on 28 February 2022. These expenses are allowed as a deduction for tax purposes when paid. Donation of R30 000 was made during the year. The donation is not allowed as a deduction for tax purposes Revenue received in advance amount to R28 000 on 28 February 2023 and R15 000 on 28 February 2022. This revenue is taxable in the year it is received, Accrued interest income amount to R20 000 on 28 February 2023 and RO on 28 February 2022. This income is taxable in the year it is earned. Dividend income of R10 300 was earned during 2023. There are no other differences between accounting profit and taxable profit other than those evident from the information given. The tax rate is 30% and the inclusion rate of the capital gain taxable profits of 80% The profit before tax of Mulaudzi Limited for the year ended 28 February 2023 is correctly calculated at R356 300. Required 1.1 Calculate the current and deferred taxation for 2023 (20) 1.2 Show the journal the journal entries relating to tax in the 2023 year (04) 1.3 Show the ledger accounts relating to tax in the 2023 year. (06) Prepare income tax expense note. (10) 1.5 Prepare extracts from the statement of comprehensive income for the year ended 28 (05) February 2023 1.6 Prepare extract from the statement of financial position as at 28 February 2023. (05) Comparatives and notes are not required for (1.5) and (1.6). (50) 1.4 UR END ***