Your response should demonstrate your own understanding of the subject matter. Copying from AI systems is considered plagiarism and will result in downvotes $($a$)$ FollowingistheProfitandLossAccountofErickLtd.fortheyearended$31$stMarch,$2023$: Amount$()$Income: GrossProfit $26,20,500$ProfitonSaleofLand $1,20,000$SubsidyreceivedfromStateGovernment $3,00,000$Total $30,40,500$Expenses: AdministrativeandSellingExpenses $58,500$SalariesandWages $5,80,000$Director'sFees $32,000$DevelopmentRebateReserve $15,000$Depreciation $4,80,000$ManagerialRemuneration $1,25,000$IncomeTax $2,40,000$InterestonDebentures $90,000$Total $16,20,500$NetProfitc$/$f $14,20,000$Total $30,40,500$ AdditionalInformation:$($i$)$ Administrativeandsellingexpensesincludethecostofconstructionofnewoffice building amounting to $8,000.($ii$)$ DepreciationasperCompaniesAct,$2013$was$`3,95,000.$You are required to calculate the maximum limits of the managerialremuneration as per CompaniesAct,$2013.$