Question4.1 Walk for Life (Pty) Ltd is a South African resident. It is a manufacturing business that manufactures shoes. The different types of shoes manufactured include running and walking shoes, as well as halk for Life (Pty) Ltd is a regip-flops. The company's financial year ends on 31 March. W 9 for financial reporting purpostered VAT vendor and the company does not apply IFRS 9 for finamial reporting purposes. The following information is available to calculate the normal tax liability of Walk for Life (Pty) Ltd for the year of Notes 1. A dividend of R28 000 accrued to Walk for Life (Pty) Ltd on 15 August 2021 rrom a wholly owned South African subsidiary company. 2. The cost price of the opening stock was R310000 and the market value was R285000 as on 1 April 2021. The cost price of the closing stock was R365000 and the market value was 8425000 on 31 March 2022. A Student's Approach to Income Tax/Business Activities 4.17 3. The list of doubtful debts as at 31 March 2022 amounted to R69000 and 72% of the total amount have been in arrears for more than 120 days. The rest of the debtors have not been in arrears for more than 60 days. The doubtful-debt allowance allowed by the Commissioner for the 2021 year of assessment, amounted to R18750 4. Salaries paid during the current year of assessment amounted to R750000 and the company also contributed R56000 towards the provident fund on behalf of the company's employees. 5. Legal costs of R157000 were incurred for the following: Drafting of all the lease contracts for the company, R40000. The collection of outstanding trade debtors, R65 000 and court cases in respect of employee remuneration claims, R52 000] 6. Walk for Life (Pty) Ltd incurred an expense of R41300 in acquiring a design on its children's shoes that lights up when walking with them. 7. An amount of R25000 was incurred on painting the entire exterior of the manufacturing building. The building was badly damaged due to excessive rainwater filtering through the cracks. 8. The company paid an amount of R36500, in respect of electricity for the period 1 March 2022 to 30 October 2022 R160 000 was paid to the former financial manager on 1 March 2022 for agreeing not to start a similar business in the Republic within a period of five years. Only R120000 constituted income in the former employee's hands. You are required to: Calculate Walk for Life (Pty) Ltd's taxable income for the current year of assessment