Soft Seats Ltd (SSL) is a furniture retailer that specialises in selling chairs. Its stock at the beginning of the 2019/20 income year was valued at $2m and it purchased chairs from a manufacturer for $11m during the year. Its stock at the end of the 2019/20 income year was valued at $5m and its sales revenue for the year was $22m. Calculate SSLs taxable income for the 2019/20 income year.