The accounting profit for the year was $68,000,000 after charging/crediting the following:

Depreciation $1,650,000

Interest Expense $7,300,000

Interest Income $6,400,000

Bad debts $2,500,000

Legal fees $2,100,000 .

Notes to the accounts revealed the following:

a. Interest payable at December 31, 2014 totaled $720,000 and at the end of 2015 $850,000.

b. Gross interest income receivable at December 31, 2014 totaled $2,450,000 and at the end of 2015 $2,700,000.

c. Net profit on disposal of fixed assets during the year totaled $320,000 was included in revenue.

d. Capital Allowances were as follows: Initial Allowance $530,000, Annual Allowance $2,780,000 and Balancing Allowance $83,000.

e. Tax deducted at source from interest income received during the year amounted to $1,250,000.

f. The company used three private vehicles in its operations, each valued in excess of $1 m. They were bought three years ago. No account was taken of their operation for capital allowances purposes.

g. The company paid estimated tax of $20m for the year.

h. The company also had a tax loss from the previous of year of $3m. The CTAJ gave approval for the loss to be carried forward

i. Bad debt related to the following:

1. Greg, Andrew and Paul three salesmen from the company each received $250,000 for salary advance in their first six months of appointment. They all left the company before the amounts were repaid in full, the outstanding amount was $450,000.

11. Gettie an employee received a loan of $50,000. He repaid $46,000 with an outstanding balance of $4,000.

111. The balance of the bad debt figure relates to three debtors who were unable to pay their debts. Their invoices have been outstanding for fifteen months.

G. Legal fees were for the issuing of share capital and $550,000 for the successful recovery of bad debts.

K. Jarred likes when their employees are trained. Lennox, an employee, was sent on a training course that related to the maintenance and servicing of the company's equipment. The course lasted six months at a cost of $750,000. No account was taken of this in the P&L account

1. Jarred Company Ltd provides you with the following details of its Profit and Loss Account for the year 2015. You are to prepare the income tax liability of the company for the year of assessment 2015.