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Can somone help? Especially with opening proper T-accounts. The balance sheet of the company Goofy as at 1.12.2019: ASSETS EQUITY & LIABILITIES Intangible asset: Trademark*
Can somone help? Especially with opening proper T-accounts.
The balance sheet of the company Goofy as at 1.12.2019: ASSETS EQUITY & LIABILITIES Intangible asset: Trademark* 30 000 Shareholders' equity 70 000 (accum. amortization 10 000) Cash in the bank 70 000 Liabilities 30 000 Total assets 100 000 Total equity & liabilities 100 000 *Trademark was purchased in November 2018, useful life 4 years, straight-line method applied. In December 1. Company purchased company Extense for 50 000 in cash. Value of assets of company Extension is 40 000 and the value of liabilities in 40 000. Straight-line amortization, useful life 10 years. Amortization started on 1.01.2020. 2. Company conducted research and development activities. By December, the development phase has been completed and its usefulness has been confirmed. The value of development amounted to 10 000. Straight-line amortization, useful life 2 years. Amortization started on 1.01.2020. 3. Additional research costs (salaries of research employees) amounted to 3 500. Costs by nature applied. 4. Amortization of trademark 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 accountsStep by Step Solution
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