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5.1 Duffy Ltd owns 80% of the shares in Spender Ltd. Both companies are resident in the UK and manufacture and sell paper products. Requirement Calculate the corporation tax payable by Duffy Ltd for the year ended 31 December 2022. (10 marks) 5.2 Crush Ltd is a UK resident company which is developing a range of recycling processes to deal with waste paper, plastic and glass. Crush Ltd is a small company for research and development purposes. Crush Ltd took out a loan on 1 April 2022, to fund a qualifying research project during the year ended 31 March 2023. Interest payable on the loan was 7,800. The company spent 140,700 on the research project, which comprised 70,700 on staff costs, 67,000 on new machinery and 3,000 on computer software. Requirement Explain the corporation tax consequences of this expenditure. (5 marks) Total: 15 marks