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The balance sheet of the company X as at 31.12.2015 is as follows: ASSETS EQUITY & LIABILITIES Intangible assets (goodwill)" 80 000 20 000 Shargholders' equity 60 000 Accounts payable Accounts receivable 20 000 Cash 20 000 Total assets 100 000 Total equity & liabilities 100 000 straight-line method of amortization with 5 year useful life, no amortization recorded Required: Open opening balances, record all transactions in appropriate T-accounts and prepare income statement for 2016. In 2016 the company a) On January 15, 2016 the company purchased a product license for 60 000. The company will amortize the licence over 5 years using a straight-line depreciation method assuming no residual value b) The company incurred research and development costs. The uncompleted development cost amounted to 8 000 and completed development costs on 31.12.2015) to 12 000. The company will depreciate the research cost over 3 years using a straight-line amortization method. Recorded amortization of goodwill for 2016 The balance sheet of the company X as at 31.12.2015 is as follows: ASSETS EQUITY & LIABILITIES Intangible assets (goodwill)" 80 000 20 000 Shargholders' equity 60 000 Accounts payable Accounts receivable 20 000 Cash 20 000 Total assets 100 000 Total equity & liabilities 100 000 straight-line method of amortization with 5 year useful life, no amortization recorded Required: Open opening balances, record all transactions in appropriate T-accounts and prepare income statement for 2016. In 2016 the company a) On January 15, 2016 the company purchased a product license for 60 000. The company will amortize the licence over 5 years using a straight-line depreciation method assuming no residual value b) The company incurred research and development costs. The uncompleted development cost amounted to 8 000 and completed development costs on 31.12.2015) to 12 000. The company will depreciate the research cost over 3 years using a straight-line amortization method. Recorded amortization of goodwill for 2016