Your accurate answers will be highly appreciated.

(Q1) The following summarized statement of profit or losses has been extracted from the financial statement of MATA Mining Plc, a Zambian resident company engaged in open cast mining operations of copper for the year ended 31 December 2021. The company maintains its accounts in US dollars. The following additional information is available: 1. Revenue includes proceeds from the sale of 1000 metric tonnes of copper ore on 31 December 2021, at a price of US\$3,514 per metric tonne, to ANA limited, an 80% owned subsidiary of MATA Mining Plc, a company engaged in the manufacture of explosives. The average London Metal exchange cash copper price at the time of the sale was US\$6,700,00 per metric tonne. The remaining sales are stated at their norm value for the purpose of mineral royalty. 2. Operating expenses include depreciation of K625,000, amortization of K200,000, site evaluation and exploration expenses of K5,126,600, drilling expenses of K4,117,400, a premium paid to the Zambian Government to acquire the right to use the land for mining purposes for a period of 50 years of K250,000, primary and tertiary educational scholarships of K545, 000 and expenditure on construction of by-pass road for land haul trucks in the mining township of K1,300,000. The balance comprise general allowable business expenses. 3. Investment income includes interest on Government bonds of K96,000, debenture interest of K78, 000 and dividends from quoted companies of K125, 000. These were the gross amounts in each case. 4. The Income Tax Value of implements, plants and machinery qualifying for were and tear allowances as at 1 January 2021 were as follows: 5. In the year ended December 31st2020, the company constructed and successfully commissioned an on-site' MATA Mine School' to provide primary and secondary school education to the local community in the mining township, at a cost K900,000. This expenditure has been capitalized in the financial statements. 6. The company incurred a tax adjusted mining loss of US\$78, 015 in the year ended December 31s12020. 7. Mining losses can be indexed using the formula: R11+R2R1 8. The following Zambian Kwacha per US Dollar (ZMW/US\$) exchange rates have been provided by the Bank of Zambia and approved by the Commissioner General: 9. The provisional Income Tax paid by the company during the tax year 2021, was K5, 111, 600. 10. Mineral royalty paid has not been accounted for in the statement of profit and losses shown above. Required i. Compute the taxable business profits for the year ended 31 December 2021 (16 Marks) ii. Calculate the total income tax payable by the company of the tax year 2021 (14 Marks) (Total Marks = 30 marks) FROM 1 JANUARY 2022, MINERAL EOYALTY TAX IS DEDUCTIBLE IN DETERMINING THE TAXABLE INCOME OF A MINING COMPANY (Q1) The following summarized statement of profit or losses has been extracted from the financial statement of MATA Mining Plc, a Zambian resident company engaged in open cast mining operations of copper for the year ended 31 December 2021. The company maintains its accounts in US dollars. The following additional information is available: 1. Revenue includes proceeds from the sale of 1000 metric tonnes of copper ore on 31 December 2021, at a price of US\$3,514 per metric tonne, to ANA limited, an 80% owned subsidiary of MATA Mining Plc, a company engaged in the manufacture of explosives. The average London Metal exchange cash copper price at the time of the sale was US\$6,700,00 per metric tonne. The remaining sales are stated at their norm value for the purpose of mineral royalty. 2. Operating expenses include depreciation of K625,000, amortization of K200,000, site evaluation and exploration expenses of K5,126,600, drilling expenses of K4,117,400, a premium paid to the Zambian Government to acquire the right to use the land for mining purposes for a period of 50 years of K250,000, primary and tertiary educational scholarships of K545, 000 and expenditure on construction of by-pass road for land haul trucks in the mining township of K1,300,000. The balance comprise general allowable business expenses. 3. Investment income includes interest on Government bonds of K96,000, debenture interest of K78, 000 and dividends from quoted companies of K125, 000. These were the gross amounts in each case. 4. The Income Tax Value of implements, plants and machinery qualifying for were and tear allowances as at 1 January 2021 were as follows: 5. In the year ended December 31st2020, the company constructed and successfully commissioned an on-site' MATA Mine School' to provide primary and secondary school education to the local community in the mining township, at a cost K900,000. This expenditure has been capitalized in the financial statements. 6. The company incurred a tax adjusted mining loss of US\$78, 015 in the year ended December 31s12020. 7. Mining losses can be indexed using the formula: R11+R2R1 8. The following Zambian Kwacha per US Dollar (ZMW/US\$) exchange rates have been provided by the Bank of Zambia and approved by the Commissioner General: 9. The provisional Income Tax paid by the company during the tax year 2021, was K5, 111, 600. 10. Mineral royalty paid has not been accounted for in the statement of profit and losses shown above. Required i. Compute the taxable business profits for the year ended 31 December 2021 (16 Marks) ii. Calculate the total income tax payable by the company of the tax year 2021 (14 Marks) (Total Marks = 30 marks) FROM 1 JANUARY 2022, MINERAL EOYALTY TAX IS DEDUCTIBLE IN DETERMINING THE TAXABLE INCOME OF A MINING COMPANY