On 1 October 2019, Cam starts a business called CoolSurf. The business is registered as a sole trader. To start-up the business, Cam invested R472 000 cash and gave two surfboards worth R6 000 each. These surfboards will be hired out on a daily basis. Cam also took out a loan from ShazBank to the value of R33 000. The business earned a net profit after tax of R599 000 for the year ended 30 November 2020. There were no distributions of profits throughout the year (i.e.no drawings or dividends). The value of Total Equity on 1 October 2019 is R The value of Property. Plant and Equipment on 1 October 2019 is R The value of Total Liabilities on 1 October 2019 is R The value of Total Equity on 30 November 2020 is R The Net Asset Value on 30 November 2020 is R DK Weddings Ltd produces wedding decorations. The company also develops its own innovative designs, which are then recognised as intangible assets. The latest project was the design of a product called "weddingbells". The company incurred costs as follows: - R157 000 from 26 January - 30 June 2019 - R553 000 from 1 July - 11 December 2019 In terms of IFRS, the research phase of this project ended on 30 June 2019 and the development phase commenced on 1 July 2019. The development phase ended on 11 December 2019. DK Weddings also paid R74 000 on training costs in order for employees to better sell and promote the product. The training costs were incurred and paid on 20 December 2019. The value of the internally generated intangible asset is R The total value of expenses incurred for this project is R