Savannah Manufacturing Limited commenced business on 1 January and prepares accounts to 31 December. During its first year it acquired the following qualifying capital expenditure: Factory building ₦40,000,000; Plant and machinery ₦25,000,000; Motor vehicles ₦12,000,000; Office furniture ₦4,000,000. All assets were brought into use during the year. The company's assessable profit for the year was ₦30,000,000. Required: (a) State the initial and annual allowance rates applicable to each class of asset above. (6 marks) (b) Compute the capital allowances claimable for the year. (10 marks) (c) Explain how the two-thirds restriction on capital allowances applies to this company. (4 marks)