Question 4 a) Margaretta Insurance Company Limited has been in business for several years, prepar accounts to 31st December each year. Below are extracts from the accounts for the y- ended 31st December 2022. Gross premiums received Auditor's remuneration Bad debt GH 68,100.00 2,500.00 980.00 3,816.00 480.00 24,600.00 Utilities Commissions to agents Claims settled and paid Re-insurance recoveries 16,000.00 Re-insurance premiums paid 8,000.00 Premiums returned 3,600.00 Dividend received 18,400.00 Interest on treasury bills 32,000.00 Capital allowance claimed 25,474.00 Notes: 9 Reserve for unexpired risk is calculated at 40% of Net Premium Income. Reserve for unexpired risk for the previous year (2021) is GHS 34,000.00. The company undertakes a general insurance business. You are required to: i) Determine the taxable income of the company as a general insurance business. Examiners: Prof M. Amidu, Dr. N. Asare and Dr. A. Ali-Nakyea 4