3. Noncurrent physical assets
| Balance 12/31/1996 | Acquired | Sold | Written off | Balance 12/31/1997 | |
| Acquisition cost | 2528437 | 1821476 | 123007 | 52156 | 4174750 |
| * | 58687 | -58687 | |||
| Depreciation | -703885 | -979611 | -65147 | -30431 | -1587918 |
| Residual value | 1824552 | 841865 | 116547 | 21725 | 2528145 |
| *
the marked fixed assets are transferred from noncurrent physical assets
to the account of intangible assets
|
|||||
|
Small assets
in amount of 137,500 kroons are expensed during the year.
|
|||||
| 4. Intangible assets | |||||
| Balance 12/31/96 | Acquired | Depreciation | Written off | Balance 12/31/97 | |
| Initial cost | 639,441 | 284,422 | 321,244 | 602,619 | |
| ** | 58,687 | 58,687 | |||
| Formation costs | 660,615 | 220,206 | 440,409 | ||
| Residual value | 1,300,056 | 343,109 | 541,450 | - | 1,101,715 |
| ** marked fixed assets are transferred from the account of noncurrent physical assets |
|||||
| The minimum rate
of the cost of fixed assets is 4000 kroons according to the internal
instructions. |
|||||
| Depreciation method
- straight-line. |
|||||
| Depreciation rates of fixed assets are set according to the useful life of fixed asset. | |||||
| 5. Potential liabilities | ||||||
| Vacation pay accrual: | 142,184 | |||||
| Deferred tax liability: | 63,489 | |||||
| Calculation: | ||||||
| Residual value of fixed assets in financial statements as at 31.12.97: | 2,528,145 | |||||
| Residual value of fixed assets adjusted with tax depreciation: | 2,772,332 | |||||
| Difference: | -244,187 | |||||
| Deferred income tax liability 26%: | 63,489 | |||||
|
6. Changes in shareholders' equity |
||||||
| Share capital |
Paid-in- capital |
Legal reserve | Retained earnings |
Profit of 1997 |
TOTAL | |
| Opening balance | 2,800,000 | 80,000 | 1,624,872 | 4,504,872 | ||
| Reporting year | 68,000 | (68,000) | 2,003,358 | 2,003,358 | ||
| Closing balance | 2,800,000 | 80,000 | 68,000 | 1,556,872 | 2,003,358 | 6,508,230 |
| All shares are paid for the balance date. | ||||||
| Dividends are not paid to the shareholders due to the non-profit company. | ||||||
| The maximum number of shares according to the valid statutes: | 40 | |||||
| Shares issued: | 28 | |||||
| Nominal value: | 100,000 | |||||
| Issued during the year: | 0 | |||||
