QUESTION 3 Patase Rural Bank has been in the banking business since 2000. Below is its profit and loss account for the year ended 2021. Interest income Commission received Other operating income Total Gross Income Less: Operating Expenses GH Salaries & Wages (fresh graduate GH 40,000,000) 200,000,000 GH 340,500,000 150,000,000 10,000,000 500,500,000 Repairs on equipment 55,000,000 Advertisement 45,000,000 Research and Development 30,000,000 Depreciation 5,000,000 Legal fees 12,000,000 Travelling and transport 5,000,000 Training Expenses 2,000,000 Audit fees 8,000,000 Donation 85,000,000 Total expenses 447.000.000 Net income 53,500,000 Additional information: 1. The total workforce of Patase rural bank is eight (80). This includes four (4) fresh graduates 2. Donation was in respect of: a. GH 30,000,000 in support of the 59th Ghana Independence Day celebration. b. GH 55,000,000 was given to the Ghana Black Stars tournament but tax returns submitted by Ghana Football Association to GRA shows only GH 15,000,000 cash received from Patase rural bank. 3. The bank carried out a three (3) days field research into customer satisfaction costing GH 15,000,000 the remaining amount was in respect of astrological research. 4. Only 20% of the traveling and transport relates to business trips 5. Included in the legal fees is GH 10,000,000 paid by the bank to GRA for late sub mission of tax returns. 6. Agreed capital allowance amounted to GHS63,250,000 7. The written down value of assets in the pool in which the equipment belong to is GH275,000,000 Required: Using the Income Tax Act 896 provisions where applicable, compute the tax liability of Patase rural bank for the 2021 year of assessment. Assume a rate of 15% for Rural Banks taxation.