QUESTION 2 Aida Enterprise has been involved in manufacturing chemical products. The following is the income statement for Aida Enterprise for the year end 31 December 2020; Note Sales Less: Cost of Goods Sold 1 Gross profit Less: Expenses Depreciation RM RM 1,700,500 (1,070,000) 630,500 40,000 Salaries and wages 2 57,000 Utilities 59,120 Research and development 3 150,000 Repairs and maintenance 4 62,000 Loss on disposal of fixed assets 5,200 Legal fees 5 11,200 Insurance 18,000 Rental 24,000 Donation (approved) 1,500 EPF contribution 11,000 (439,020) Net profit 191,480 Notes: 1. Including in the cost of goods sold is purchase of computer for personal use of the manager, Ms. Aida. The computer was acquired at a cost of RM5,200. 2. Salaries and wages include RM15,000 paid to disabled employee, certified by Community Welfare Department. 3. Research and development is conducted by an approved and registered R&D company. 4. Repairs and maintenance expenses are comprising of: Renovation of meeting room Repairing photostat machines Services on air-conditioner equipment Other office maintenances RM 18,000 12,000 7,000 25,000 62,000 5. Legal fees include RM6,000 paid for the registration of the new company's trademark. 6. EPF contribution expenses are determined at the rate of 19% from the salaries and wages paid. 7. Capital allowances available for the company is RM20,000. Required: Compute the statutory business income of the business for the year of assessment 2020.