The accounts of Ice Cream Limited a private unregulated local entity showed profits before interest and taxes of $300,000,000 for the year ended December 31, 2021 after recording the following below: Other income $35,000,000 Legal Fees $32,000,000 Bad Debts $30,000,000 Travel $15,000,000 Donations $15,000,000 Motor Vehicle expenses $58,000,000 Advertising expenses $80,000,000 During the year the entity paid statutory employment taxes of $20,000,000. The entity files its employment taxes on a timely basis. At the start of the year, the company had the following assets at cost: Building Plant and Machinery Motor vehicle $400,000,000 $100,000,000 $120,000,000 The property, plant and equipment above have the following estimated remaining useful lives at the date of acquisition: Building 50 years Plant and Machinery Motor vehicle 10 years 5 years Based on the company's policies, all assets are to be depreciated using the straight line method. The firm started operations on January 1, 2019 and all assets were acquired on that date. Depreciation charge for the current period was appropriated recorded by management. Additionally, capital allowances on these assets are included in the note i immediately below. The following additional data are relevant to the company: i. The entity has initial, annual and balancing allowances of $14,000,000, $36,000,000 and $5,000,000 respectively. ii. Included in other income is amount of $8,500,000 received as dividends from ATC Limited a local company, tax refund of $10,000,000 and gain on the disposal of motor car. The total gain amounted to $4,000,000. However, for income tax purposes, the sale resulted in a balancing allowance. The allowance is already included in note i above. The remainder in other income is interest received on bank balances stated at its gross amount. iii. Included in legal expenses is an amount of $10,000,000 to plead an income tax case, the company was unsuccessful. An additional $2,000,000 to defend an employee for robbing a bank in the city. The employee has been recently voted employee of the year. An additional $15,000,000 million relates to the purchase of a new machine oversees. The remainder relates to fees paid to lawyers to collect amounts owed from debtors.