Exercise 2 Attached to Exercise 1 you will find an Excel file that containsthe preliminary balance sheet that you will use in this exercise. Questions 1-5 apply to numbers that you find in the final balance sheet and the answers must be filled in the fields after each question. If the balance sheet is in credit, write minus (-) in front of the number. For question 6, write minus (-) in front of the number if there is a deficit. You get 5 pointsfor each correct answer and you do not get a deduction for answers that are incorrect or unanswered. The task is to close the accounts based on the preliminary balance sheet and the information below. We disregard corporate tax in this statement. There is the following information for the clearance of accounts The inventory as of 31 December 2019 has an acquisition cost of NOK 490,000, which is lower than fair value. On 2 January 2019, a machine had been sold for NOK 60,000 which had a book value of NOK 62,000. Depreciation on machines is NOK 75,000. Provisions for losses on accounts receivable are NOK 3,600 as of 31 December 2019. There are prepaid insurances of DKK 7,600 as of 31.12.2019. 31.12.2019 will receive an employee salary (gross) of NOK 8,000 that has not been booked. The following rates apply: Employer's contribution 14.1%, holiday pay 12% and tax deduction 30% Question 1: Final balance sheet for machines (closing book value): Question 2: Final balance sheet for settlement account VAT: Question 3: Final balance sheet for holiday pay due: Question 4: Final balance sheet for bank deposit tax deductions Question 5: Thefinal balance sheet for cost of goods is Question 6: The annual result is Konto Maskiner Forelpig saldo balanse Debet Kredit 765 000 382 700 260 000 8 000 423 800 42 000 850 000 405 000 600 000 25 000 153 300 80 000 Inventory Accounts receivable Provision of receivables Bank deposits Bank deposits on tax deductions Share capital Earned equity Accounts payable Due tax deduction Outgoing VAT Included VAT Settlement account VAT Guilty AGA Accrued AGA of holiday pay Due holiday pay Sales revenue Sale of the machine Gain / loss on sale of the machine Purchase of goods / Costs of goods Inventory change Payment Vacation money TO WALK AGA of holiday pay Other cost Advance insurance Loss on receivable Depreciation Annual result 12 000 12 944 91 800 3 560 000 60 000 2 080 000 900 000 108 000 126 900 12 944 596 700 Sum 778 044 5 778 044