ASSETS EQUITY & LIABILITIES Cash in the bank 50 000 Shareholders' equity 50 000 Total assets 50 000 Total equity & liabilities 50 000 In December: 1. In 2019, company conducted research activities amounting to 8 000 (not paid yet, all costs related to outsources services). The company also conducted development activities which were completed and their usefulness for manufacturing has been established. The value of development activities 12 000. Amortization started on 1.12.2019, straight-line amortization, 25% annually. 2. Company purchased for cash a license for 18 000. Accelerated amortization used, factor of 2, SLA = 15%. Amortization started on 1.01.2020. 3. Company purchased on deferred payment a concession for 2 000 for sale of alcohol. The concession is valid for 1 month only. 4. Amortization of intangibles for December 2019 has been calculated and recorded. Required: 1. Open the T-accounts based on the Balance Sheet data. 2. Record all transactions in T-accounts and close all accounts. ASSETS EQUITY & LIABILITIES Cash in the bank 50 000 Shareholders' equity 50 000 Total assets 50 000 Total equity & liabilities 50 000 In December: 1. In 2019, company conducted research activities amounting to 8 000 (not paid yet, all costs related to outsources services). The company also conducted development activities which were completed and their usefulness for manufacturing has been established. The value of development activities 12 000. Amortization started on 1.12.2019, straight-line amortization, 25% annually. 2. Company purchased for cash a license for 18 000. Accelerated amortization used, factor of 2, SLA = 15%. Amortization started on 1.01.2020. 3. Company purchased on deferred payment a concession for 2 000 for sale of alcohol. The concession is valid for 1 month only. 4. Amortization of intangibles for December 2019 has been calculated and recorded. Required: 1. Open the T-accounts based on the Balance Sheet data. 2. Record all transactions in T-accounts and close all accounts