An entity reported the following assets at year-end: Franchise - 1,000,000 Computer Software - 1,500,000 Patent - 2,500,000 Customer List - 500,000 Copyright - 700,000 Deposit with advertising agency to promote goodwill - 400,000 Excess of cost over fair value of identifiable net assets of acquired associate - 1,400,000.00 Excess of cost over fair value of identifiable net assets of acquired subsidiary - 4,000,000.00 Trademark - 900,000 Research and development cost - 2,000,000 What total amount should be reported as intangible assets?
An entity reported the following assets at year-end: Franchise - 1,000,000 Computer Software - 1,500,000 Patent - 2,500,000 Customer List - 500,000 Copyright - 700,000 Deposit with advertising agency to promote goodwill - 400,000 Excess of cost over fair value of identifiable net assets of acquired associate - 1,400,000.00 Excess of cost over fair value of identifiable net assets of acquired subsidiary - 4,000,000.00 Trademark - 900,000 Research and development cost - 2,000,000 What total amount should be reported as intangible assets?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An entity reported the following assets at year-end:
Franchise - 1,000,000
Computer Software - 1,500,000
Patent - 2,500,000
Customer List - 500,000
Copyright - 700,000
Deposit with advertising agency to promote goodwill - 400,000
Excess of cost over fair value of identifiable net assets of acquired associate - 1,400,000.00
Excess of cost over fair value of identifiable net assets of acquired subsidiary - 4,000,000.00
Trademark - 900,000
Research and development cost - 2,000,000
What total amount should be reported as intangible assets?
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