During 2018, the following were acquired/paid for by Visionaries Company Trademarks and Certification Marks, Cable television license and franchise, FVN operating system (for a computer-controlled machine), Music copyrights, Training cost of employees for a specialized product line, Covenants not to compete, P120,000 P95,000 P65,000 P70,000 P80,000 P60,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The amount to be included as intangible assets is *

A. 345,000
B. 490,000
C. 410,000
D. 350,000

During 2018, the following were acquired/paid for by Visionaries Company
Trademarks and Certification Marks,
Cable television license and franchise,
FVN operating system (for a computer-controlled machine),
Music copyrights,
Training cost of employees for a specialized product line,
Covenants not to compete,
P120,000
P95,000
P65,000
P70,000
P80,000
P60,000
Transcribed Image Text:During 2018, the following were acquired/paid for by Visionaries Company Trademarks and Certification Marks, Cable television license and franchise, FVN operating system (for a computer-controlled machine), Music copyrights, Training cost of employees for a specialized product line, Covenants not to compete, P120,000 P95,000 P65,000 P70,000 P80,000 P60,000
Expert Solution
Introduction :

Intangible asset is an asset without physical appearance. These are opposite of tangible asset as they have physical appearance.

Examples : Trademarks , License , Copyrights etc.

 

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