10.2.3 ACCOUNTING 1: ASSIGNMENT 2 (100) QUESTION ONE [25] 1.1 Four alternatives are presented for each of the following questions. Choose the correct alternative for each of the questions/statements. The letter corresponding to your choice must be recorded next to the question number in your solution. (1) 1.1.1 Which of the following is not an example of an intangible asset? A) Goodwill. B) Computer software, C) Patents and trade marks D) Computer hardware 1.1.2 Busi Ngidi is the sole proprietor of Ngidi's Clothing Manufacturers which was renting property in an industrial park. To expand her operations, Ngidi's purchased its own property, demolish the old building, construct a new building and install new equipment. The following costs were made available ignore VAT implications: (2) Equipment R Purchase price of equipment 400 000 Cost of transport and installation of equipment 70 000 Fine paid for illegal transport of equipment 10 000 32 REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 32 BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE Property R Purchase price of property 840 000 Legal and transfer fees 21 000 Cost of demolishing old building 30 000 Proceeds from sale of old building material 9 000