Question one: 100 marks (25 each): The financial statement columns of the worksheet for The Kunafah Spoonat December 31, 2017, are as follows: Income Statement Financial Position Accounts Debit Credit Debit Credit Cash 20,000 Accounts Receivable 14,000 Supplies 8,000 Prepaid Insurance 12.000 Equipment 438,000 Accumulated Depreciation-Equipment 58,000 Accounts Payable 39.000 Note Payable (Long term) 120.000 Salaries and Wages Payable 25,000 Share Capital-Ordinary 100.000 Retained Earnings 124,000 Dividends 18.000 Service Revenue 246,000 Advertising Expense 42,000 Depreciation Expanse 24.000 Insurance Expense 8,000 Rent Expense 34,000 Salaries and Wages Expense 84,000 Supplies Expense 12.000 Totals 202,000 246,000 510,000 466,000 Net Income 44.000 44.000 122.000 123.000 255.000 255.000 Instructions: Answer the following questions Show your calculations: Question & Calculations 1. Briefly discuss the difference between "Temporary Accounts" and "Permanent Accounts". Final answer Question & Calculations 2. Calculate the retained earnings balance that would appear on a Statement of financial position at December 31, 2017 3. What is the anount that will would appear on the statement of financial position at December 31, 2017 for Property, plant, and equipment 4. What is the anount that will would appear on the statement of financial position at December 31, 2017 for the total of Current assets