Dalmatian Corp. follows IFRS and had the following transactions during its year ended December 31: Spent $135,000 developing its brand. Incurred development costs of $254,000 for a new product that met all the intangible asset recognition criteria on September 30 of that same year. Of the $254,000 spent, $160,000 was incurred after September 30. Purchased a customer list for $89,000 from a competitor that was closing its business. What is the total cost of intangible assets that were capitalized during 2020?
Dalmatian Corp. follows IFRS and had the following transactions during its year ended December 31: Spent $135,000 developing its brand. Incurred development costs of $254,000 for a new product that met all the intangible asset recognition criteria on September 30 of that same year. Of the $254,000 spent, $160,000 was incurred after September 30. Purchased a customer list for $89,000 from a competitor that was closing its business. What is the total cost of intangible assets that were capitalized during 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dalmatian Corp. follows IFRS and had the following transactions during its year ended December 31: Spent $135,000 developing its brand. Incurred development costs of $254,000 for a new product that met all the intangible asset recognition criteria on September 30 of that same year. Of the $254,000 spent, $160,000 was incurred after September 30. Purchased a customer list for $89,000 from a competitor that was closing its business. What is the total cost of intangible assets that were capitalized during 2020?
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