Berrie Electric Inc. has the following amounts included in its general ledger at December 31, 2023: Organization costs $ 34,000 Purchased trademarks 17,500 Development phase activities (meet all six development phase criteria) 29,000 Deposits with advertising agency for ads to promote goodwill of company 8,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 81,000 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 125,000 Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years 75,000 Payment for a favourable lease; lease term of 10 years 15,000 Instructions Based on the information provided, calculate the total amount for Berrie to report as intangible assets on its statement of financial position at December 31, 2023. Assume Berrie uses IFRS to prepare its financial statements.
Berrie Electric Inc. has the following amounts included in its general ledger at December 31, 2023:
Organization costs
$ 34,000
Purchased trademarks
17,500
Development phase activities (meet all six development phase criteria)
29,000
Deposits with advertising agency for ads to promote
8,000
Excess of cost over fair value of identifiable net assets of acquired subsidiary
81,000
Cost of equipment acquired for research and development projects; the equipment has an alternative future use
125,000
Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years
75,000
Payment for a favourable lease; lease term of 10 years
15,000
Instructions
Based on the information provided, calculate the total amount for Berrie to report as intangible assets on its statement of financial position at December 31, 2023. Assume Berrie uses IFRS to prepare its financial statements.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
