Task 1: Triumph Traders LLC is a registered Company in Muscat Securities Market, Sultanate of Oman doing business in manufacturing industry since 1980. It has the following financial information for the year ended 31" December 2019. Sales during the year are Omani Rials 424,000. The total cost of goods for the year were estimated at Omani Rials 141,000 The following expenses have been incurred during the financial year: Bank interest charges of 640 Omani Rials; Depreciation of Equipment (15% on cost) 5,400 Omani Rials; Insurance of Motor vehicles 2,700 Omani Rials ; Rent paid 15,000 Omani Rials ; Provision for doubtful debts 6,450 Omani Rials; Provision for slow moving stock 12,500 Omani Rials; General Expenses 1,750 Omani Rials; Tax advisors consultation fees 2,800 Omani Rials; Stationery & Printing expenses 914 Omani Rials; Depreciation of furniture (20% on cost)4,250 Omani Rials; Repairs & Maintenance expenses 2,322 Omani Rials; Salaries & Remunerations (Omani Rial 25,000 paid to Board of directors) 111,000 Omani Rials. During the financial year the company had purchased the following assets; New vehicles purchased - 21,000 Omani Rials The following additional information has been extracted from the books of accounts: Slow moving inventory 10,500 Omani Rials; Triumph Traders LLC paid Omani Rial 7,000 in advance to tax authorities; Rent paid in advance Omani Rial 2,750; Outstanding General expenses were identified as Omani Rial 450; Losses on exchange transactions were estimated at Omani Rial 4,600; Loss brought forward from previous year is Omani Rial 25,780. Required: As a qualified accountant, identify those items that are not allowable and partly allowable expenses for taxation purpose in accordance with The Law of Profit Tax on Commercial and Industrial Establishments Royal Decree No.77/89, amended by Royal Decree 9/2017. Briefly explain your reasons referring to Oman Tax laws. Compute the Corporation Tax payable for the year ending 31st December 2019