Problem 4 Exercise 4 Atached you will find a word file with the four questions for this task. Download the file and answer the questions. You can paste images tables) from Excel into this file. You must make sure that the answer is easyto read and that everything is included. In the Excel file in problem 1. you will find the income statement for 2018. Income statement Sales revenue Consumption of goods Wage costs Other operating expenses Depreciation Operating profit Interest costs Ordinary profit before tax expense Tax cost Annual result 2018 1 280 000 747 500 207 500 89 000 60 000 176 000 11 000 165 000 36 300 128 700 A Company was created in 1.1.2018. The company bought a new machine for NOK 300,000 (excluding VAT) on 2.1.2018. The machine must be depreciated over 5 years for accounting purposes with an equal fall in value each year. The tax depreciation rate is 30% according to the balance method. The tax rate is 22%. Below you will find the income statement for 2018. question 1 What will be the tax payable and deferred tax for 2018? Question 2 If other operating costs contain NOK5,000 which is not deductible in the tax assessment.ie a permanent difference. What effect will the permanent difference between tax expense, tax payable and deferred tax for 2018 have? Does the permanent difference have other consequences? In oase what? Question 3 The inventory as of 31.12.2018 contains some obsolete items that have not been booked. Items purchased for NOK 98,000. Upon review of the inventory, it has been concluded that the fair value of the inventory is NOK 62,000. For tax purposes, no deduction is given for write-down ofthe inventory for obsolescence. What impact (change) will the new information on tax payable and deferred tax that you prepared in question 1 have? Question 4 What will be the outgoing temporary differences as of 31.12.2019 related to the machine that was purchased 1. 1. 2018