- You Have The Following Data As At The End Of 2018 About Sabic Which Uses International Financial Reporting Standards I 1 (95.17 KiB) Viewed 13 times
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)