insurance Auditor fees Donation Office expenses Net Profit 2400 2200 9560 12300 (65500) 78500 Additional Information: a) Travelling expenses include R01500 for personal travelling. Dallowed exposkee b) The accountant undervalued opening and closing inventories by R01200 and R01500 respectively c) The company has fixed assets as building cost R0150000 and machinery (part of heavy equipment) cost R030000. The depreciation on such assets is not charged in income statement. d) Bad debts of previous years R0455 recovered in this year which was earlier not allowed as deductible expenses and not included in net profit of 2019 as can be seen in above income statement. e) Donation of R09560 made to approved charitable project and charged from the gross profit The life of patent is 10 years. Requirement: Calculate the taxable income and tax liability for Al Muna Export Company For the year 2019. 10. Al Nida Trading Company's Income Statement has shown RO 128000 profit for the year 2019. Since the accountant of the company is new to Oman and not aware about all the rules of Law of Income Tax on Omani Companies. Indeed, he is not sure about the following transactions he has recorded in the company account books. 1. Company purchased patent worth RO 14000 in the year 2019. The life of patent is 14 years. The accountant expensed the cost of patent 2. The company accountant charged depreciation on the following assets cost at the rate 8% and 30% respectively: equiphent 33.33 3. (0) Building cost RO40000 insurance Auditor fees Donation Office expenses Net Profit 2400 2200 9560 12300 (65500) 78500 Additional Information: a) Travelling expenses include R01500 for personal travelling. Dallowed exposkee b) The accountant undervalued opening and closing inventories by R01200 and R01500 respectively c) The company has fixed assets as building cost R0150000 and machinery (part of heavy equipment) cost R030000. The depreciation on such assets is not charged in income statement. d) Bad debts of previous years R0455 recovered in this year which was earlier not allowed as deductible expenses and not included in net profit of 2019 as can be seen in above income statement. e) Donation of R09560 made to approved charitable project and charged from the gross profit The life of patent is 10 years. Requirement: Calculate the taxable income and tax liability for Al Muna Export Company For the year 2019. 10. Al Nida Trading Company's Income Statement has shown RO 128000 profit for the year 2019. Since the accountant of the company is new to Oman and not aware about all the rules of Law of Income Tax on Omani Companies. Indeed, he is not sure about the following transactions he has recorded in the company account books. 1. Company purchased patent worth RO 14000 in the year 2019. The life of patent is 14 years. The accountant expensed the cost of patent 2. The company accountant charged depreciation on the following assets cost at the rate 8% and 30% respectively: equiphent 33.33 3. (0) Building cost RO40000