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?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 7RE

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