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Prepare the extract of statement of financial position

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Question - Hallow Bhd. began operations in 2020. Early in January, the company purchased a franchise from the Ajamy Bhd. for RM200,000. The franchise agreement is for a period of 10 years. In addition, a patent was purchased for RM50,000. The remaining legal life of the patent is 13 years. However, due to expected technological obsolescence, the company estimates that the useful life of the patent is only 8 years. Straight-line amortization is used for all intangible assets. The company's financial year-end is December 31. Prepare the extract of Statement of Financial Position of Hallow Bhd. as at 31 December 2020 involving the above franchise and patent.

Reference no: EM132943313

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