Question 3 Zenith Ltd is a company located in Midrand that manufactures and distributes electronic products and suppliers. The following information is available for the year ended 28 February 2023 (all amounts exclude VAT unless otherwise stated): Sales Purchases and other expenses/costs Purchases for the year (the company commenced business on 1 April 2022 and thus has no opening stock). Closing stock (at cost). A new manufacturing machine was purchased on 12 March 2022. R 10 000 000 5 900 000 625 000 350 000 Zenith Ltd. purchased a second-hand cutter machine on 15 July 2022. 125 000 Purchase of new printing machine (state of the art) was purchased and brought into use on 1 July 2022. Delivery and freight charges. Foundation alterations (the load bearing of the floor needed to be strengthened to hold the weight of the printer). An adjoining factory was built and brought into use on November 2022. The company rents a warehousing depot across the road for the entire year of assessment and the lease premium charged by the landlord is R35 000 over the lease term (5 years) Repairs and maintenance Other expenses and allowances (tax deductible) The company registered its logo as a trademark on 4 March 2022 Required: Compute Zenith Ltd's taxable income for the year ended 28 February 2023. 1 500 56 000 2 500 1 200 000 17 250 (rental per month, including vat) 105 000 160 000 40 000 (20 Marks)