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QUESTION 2 (35) You are the newly appointed financial manager of ABC Ltd, a company specializing in the supply of The movement in intangible assets was as follows in the year ended 28 February 2021 : Model: The business acquired the model on July 4, 2018, for N\$\$20,000. The design was implemented throughout the fiscal year that ended on February 28, 2019. For the year that concluded on February 28, 2022, no journal entries for amortization and impairment losses have yet been processed as the previous accountant has been on a promotion strike for 6 months before you were appointed as the new accountant. Trademarks and goodwill: The board of directors of ABC Ltd intends to spend a sizeable sum on developing and acquiring their own trademarks over the upcoming fiscal year. They also intend to buy an 80% stake in one of their rivals in order to stay competitive, which will generate goodwill. The directors of ABC Ltd believe that when they have a significant enough market share, they will be able to value internally generated goodwill. There is currently no accounting regulation in place regarding how to treat these intangible assets. QUESTION 2 (35) You are the newly appointed financial manager of ABC Ltd, a company specializing in the supply of The movement in intangible assets was as follows in the year ended 28 February 2021 : Model: The business acquired the model on July 4,2018 , for N$320,000. The design was implemented throughout the fiscal year that ended on February 28, 2019. For the year that concluded on February 28, 2022, no joumal entries for amortization and impairment losses have yet been processed as the previous accountant has been on a promotion strike for 6 months before you were appointed as the new accountant. Trademarks and goodwill: The board of directors of ABC Ltd intends to spend a sizeable sum on developing and acquiring their own trademarks over the upcoming fiscal year. They also intend to buy an 80% stake in one of their rivals in order to stay competitive, which will generate goodwill. The directors of ABC Ltd believe that when they have a significant enough market share, they will be able to value internally generated goodwill. There is currently no accounting regulation in place regarding how to treat these intangible assets. REQUIRED