Kenton Limited began retail operations on January 1, 2008. On that date it issued 10,000 shares of common stock for £50,000. On January 31, Kenton used £48,000 of the proceeds to rent a store, paying in advance for the next two years. Kenton also purchased £12,000 of merchandise on credit, agreeing to pay the supplier within 30 days. Kenton applies IFRS.

Kenton's balance sheet as of January 31, 2008 will have:

Cash= 2000

Inventory= 12000

Prepaid Rent=

Total Current Assets =

Prepaid Rent =

Total Noncurrent Assets =

Total Assets =62000