In December 20X1 the company BATA purchased (for cash) a four years licence for toys production. The licence's cost of purchase was 120 000. The amortization of the licence period (for tax and accounting purpose) is equal to 4 years. Required: 1) Calculate profit before and after tax for the year 20X2 and present chosen balance sheet items for the end of this year. 2) Calculate profit before tax in the year 20X3 and present chosen balance sheet items for the end of this year knowing that the licence was sold in January 20X3 (net selling price - 50,000). Additional data for the year 20X3: recognized revenues - 900 000, other incurred expenses - 500 000. Assume, that all transactions made in 20X3 were accrued only