Welwitschia Limited is a diamond polishing company founded in March 2020 by UNAM graduates and operates from its factory in Swakopmund. The following information is provided for the years ended 28 February 2021 and 2022 : Additional information: 1. During February 2022 , rental amounting to N$8000 was received in respect of March 2022. 2. The machinery was purchased at a cost price N$558000 on 1 March 2020. NAMRA grants the following tax deductions: - No allowance is granted on land - 1/3 wear and tear on machinery 3. Assume that the residual value, useful life and depreciation method of all assets were reviewed at each financial year-end and that it remained the same. 4. There are no other temporary or permanent differences except for those apparent from the given information. 5. The tax rate remained unchanged at 32% \begin{tabular}{|l|c|} \hline REQUIRED: & Marks \\ \hline \end{tabular} Page 28 of 29 FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES Welwitschia Limited is a diamond polishing company founded in March 2020 by UNAM graduates and operates from its factory in Swakopmund. The following information is provided for the years ended 28 February 2021 and 2022 : Additional information: 1. During February 2022 , rental amounting to N$8000 was received in respect of March 2022. 2. The machinery was purchased at a cost price N$558000 on 1 March 2020. NAMRA grants the following tax deductions: - No allowance is granted on land - 1/3 wear and tear on machinery 3. Assume that the residual value, useful life and depreciation method of all assets were reviewed at each financial year-end and that it remained the same. 4. There are no other temporary or permanent differences except for those apparent from the given information. 5. The tax rate remained unchanged at 32% \begin{tabular}{|l|c|} \hline REQUIRED: & Marks \\ \hline \end{tabular} Page 28 of 29 FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES