Financial accounting question please answer Everglade Industries acquired a trademark on July 1, 2021.Everglade paid cash of $80,000 to the seller. Legal fees of$3,500 were paid related to the acquisition. What amountshould be debited to the trademark account?a. $3,500b. $83,500c. $76,500

Step 1: Define Trademark AccountThe trademark account includes all costs directly attributable to…

Answered: Everglade Industries acquired a…

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 8P

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Everglade Industries acquired a trademark on July 1, 2021. Everglade paid cash of $80,000 to the seller. Legal fees of $3,500 were paid related to the acquisition. What amount should be debited to the trademark account? a. $3,500 b. $83,500 c. $76,500