Question (20 marks) Soft Ltd (SL) carries on a business of production and distribution of soft furnishings in Hong Kong. It operates as a stand-alone company and not a part of any multinational group. Its operating results for the year ended 31 December 2023 are as follows: (3). Profit from sale of patent The patent was related to a special material specification in the manufacturing process. It was purchased in 2019 at a cost of $300,000 which was capitalized in account. Following the closure of the production line of that particular product during the year, the company sold the patent to another manufacturer at a price of $360,000. (4). Bad debts (5). Bank interest Paid to Hang Seng Bank on loan borrowed to purchase Singapore properties for rental purposes 100,000 Paid to CitiBank on loan secured by SL's properties located in Hong Kong exclusively to finance the acquisition of machinery for production purposes 120,000 (6). Donations Donations were all made to Po Leung Kuk (approved charitable institution) in cash. (7). (8). Purchase of register design This is a register design purchased from an unrelated overseas company concerning a new design used in the manufacturing process. The accounting treatment was to write it off in the Profit and Loss Account. The register design will expire in the year 2030. (9). It has been agreed with the Inland Revenue Department that the depreciation allowances for the year are $100,300. Required: Based on the information provided, prepare the profits tax computation 2023/24 for Soft Ltd. Ignore provisional tax and tax rebate, if any. (20 marks) (Please note that candidates are not required to provide explanations for tax treatments adopted) END OF QUESTIONS