Assignment 2 The balance sheet of the company Goofy as at 1.12.2019 (costs by nature applied): # ASSETS EQUITY & LIABILITIES Intangible asset: Concession 80 000 Shareholders' equity 70 000 (no accum. amortization) Cash in the bank 70 000 Liabilities 30 000 Total assets 100 000 Total equity & liabilities 100 000 *Concession was purchased in November 2019, useful life 5 years, straight-line method applied. In December: 1. Company purchased company Extense for 50 000 in cash. Value of assets of company Extension is 100 000 and the value of liabilities in 40 000. Straight-line amortization, useful life 4 years. Amortization started on 1.01.2020. 2. Company conducted research activities amounting to 8 000 (all paid in cash) of which 2 000 was for salaries to research employees, 2 500 for materials used and 3 500 for outsourced services. 3. Company purchased on deferred payment a trademark for 22 000 for production of products. Straight-line amortization, useful life 6 years. Amortization started on 1.01.2020. 4. Amortization of concession 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. Assignment 2 The balance sheet of the company Goofy as at 1.12.2019 (costs by nature applied): # ASSETS EQUITY & LIABILITIES Intangible asset: Concession 80 000 Shareholders' equity 70 000 (no accum. amortization) Cash in the bank 70 000 Liabilities 30 000 Total assets 100 000 Total equity & liabilities 100 000 *Concession was purchased in November 2019, useful life 5 years, straight-line method applied. In December: 1. Company purchased company Extense for 50 000 in cash. Value of assets of company Extension is 100 000 and the value of liabilities in 40 000. Straight-line amortization, useful life 4 years. Amortization started on 1.01.2020. 2. Company conducted research activities amounting to 8 000 (all paid in cash) of which 2 000 was for salaries to research employees, 2 500 for materials used and 3 500 for outsourced services. 3. Company purchased on deferred payment a trademark for 22 000 for production of products. Straight-line amortization, useful life 6 years. Amortization started on 1.01.2020. 4. Amortization of concession 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