Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have the following data as at the end of 2018 about SABIC, which uses International Financial Reporting Standards (IFRSS) in preparing its financial

image text in transcribed

You have the following data as at the end of 2018 about SABIC, which uses International Financial Reporting Standards (IFRSS) in preparing its financial statements: 1.The company purchased a trademark on 1/1/2014 for an amount of 2,750,000 and it has a useful life of 25 years and a salvage value of 250,000 and it is amortized using the straight-line method. On 1/1/2018, its useful life was changed to only 15 years from the date of acquisition, and the scrap value became 200,000. 2.On 1/1/2008, a patent was purchased with a value of 40,000 riyals and has no limited useful life. On 31/12/2018, the fair value of the asset was estimated at 35,000, the present value of future benefits at 34,000, and the undiscounted future value of benefits from using the asset 42,000. 3.There is research that was launched to develop an intangible asset with a value of 200,000 riyals at the beginning of 2018, knowing that 40% of these amounts are due to development costs that meet the conditions for developing the asset. Required: What are the total assets of the company that will appear in the statement of financial position as on 31/12/2018 (indicate your answer and how each number is calculated)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Accounting

Authors: Robert Rufus, Laura Miller, William Hahn

1st Edition

133427528, 133050475, 9780133427523, 978-0133050479

More Books

Students also viewed these Accounting questions