Zenith Plastics Limited prepares accounts to 31 December. Its statement of profit or loss for the year showed a net profit of ₦62,400,000 after charging or crediting the following: Charged: depreciation ₦11,500,000; general bad debt provision ₦2,000,000; increase in specific bad debt provision ₦900,000; penalty for late filing of VAT returns ₦600,000; donation to a state university (listed in the Fifth Schedule) ₦3,000,000; salaries of the managing director's domestic staff ₦1,800,000; repairs to factory roof ₦4,200,000. Credited: dividend received from a Nigerian company (gross) ₦2,500,000; profit on sale of plant ₦1,400,000. Capital allowances agreed for the year: ₦17,000,000. Gross turnover: ₦480,000,000. Required: (a) Compute the adjusted profit for the year, showing clearly the treatment of each item. (12 marks) (b) Compute the total profit and the companies income tax payable. (5 marks) (c) Explain why the dividend received is treated as it is in your computation. (3 marks)