P2-5. The balance sheet of Valentine Company is presented below: 2020 Assets Cash Trade receivables Equipment Intangible assets Total assets P 350,000 800,000 1,250,000 500,000 P2,550,000 Liabilities and Shareholders' Equity Accounts payable Short-term notes payable Ordinary shares Retained earnings Total liabilities and shareholders' equity 200,000 200,000 2,000,000 150,000 P2,550,000 The intangible assets - a patent to a new auditory technology - is self- developed three years ago. An investor is looking at buying the company and Valentine Company would like to give an initial quotation. Since the technology is unique and does not have any comparables, the software development team quoted that the cost of reproducing the intangible assets is at 120% of its net asset cost. Compute for the following: 1. Book value of Valentine Company 2. Reproduction cost of intangible assets 3. Reproduction value of Valentine Company

What information is provided by this statement?  Describe the steps to create the statement - choose either the direct or indirect method in your response.

Please provide the introductory part and answer for question D.

Define Prepayments.

- can you give me scope, objective, accounting issues, measurement, disclosures about The IFRS for SMEs Standard.