Emad LLCs Income Statement shows OMR 102,600 profit for the year 2020. The following information are provided to arrive the taxable income.

• The actual value of closing inventory was OMR 82,700, it is recorded as OMR 82,200.
• Provision for bad debts of OMR 1,500 has been included to calculate the above profit.
• The firm earned dividend income of OMR 12,000. Since, the dividend income is not taxable the accountant reduced same amount from business income.
• The company invested OMR 20,000 in equity share during this year.
• Depreciation of a pre-fabricated building worth of OMR 80,000 was charged at 4%.
• Salary OMR 8800 was paid for 11 months was included to arrive at the profit. Accountant did not report the outstanding salary.
• The firm incurred a loss of OMR 24,600 in the year 2015 out of which OMR 20,800 has been written off so far.
• Donation paid to an approved trust OMR 4,200 which is less than 3% of gross income.
• Bad debts of previous years OMR 1,500 recovered in this year which was earlier not allowed as deductible expenses and not included in the current year profit.
• Administration expenses of OMR 300 is included as general expenses .

Calculate the taxable profit and the tax liability of the firm for the year 2020.