QUESTION THREE At 1 January 2015 Sonalt Ltd, an Intemet service provider, owned the following intangible assets: Vu su sune \&VIO sonalt Lta acquired ringtones developed by an independent third party for Ksh 2,000,000. The useful life of the ringtones is expected to be three years from the date of acquisition. On 30 September 2016 Sonalt Ltd acquired 60 per cent of the issued share capital of Sizungumzi Ltd in a business combination when the fair value of Haskin Ltd's identifiable intangible assets were: project was completed during the period. At 31 December 2016 Sonalt Ltd confirmed its previous assessments of the group's intangible assets. Page 5 of 10 Draft and extract showing how the intangible assets could be presented and disclosed in the financial statements of Hakuna Matata L.id Group for the year caded 31 December 2016. (20 Marks)