STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 R Cash flows from operating activities (540 000) Operating profit 2 850 000 Non-cash flow adjustment: Depreciation 1 058 700 Profit before working capital changes 3 908 700 Working capital changes (2 424 000) Increase in inventory (2 400 000) Increase in receivables (1 800 000) Increase in payables 1 776 000 Cash generated from operations 1 484 700 Dividends paid (1 200 000) Company tax paid ? Cash flows from investing activities (6 900 000) Purchase of plant and equipment (6 900 000) Cash flows from financing activities ? ? ? Net increase (decrease) in cash ? Cash balance (31 December 2021) 9 600 000 Cash balance (31 December 2022) 2 100 000

Calculate the amount paid out for company tax.