**Intangible Assets Reporting for Joni Shamrock Inc.**Joni Shamrock Inc. reports the following amounts in its general ledger at the end of the current year:- **Organization costs:** $23,600- **Trademarks:** $15,300- **Discount on bonds payable:** $36,600- **Deposits with advertising agency for ads to promote goodwill of company:** $11,600- **Excess of cost over fair value of net identifiable assets of acquired subsidiary:** $76,600- **Cost of equipment acquired for research and development projects; the equipment has an alternative future use:** $86,600- **Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years:** $82,200**Task:**(a) Based on the information provided, calculate the total amount to be reported by Shamrock for intangible assets on its balance sheet at year-end.**Total amount reported for intangible assets: $____________**

Goodwill is an intangible asset that arises when a company acquires another company for price which…

Joni Shamrock Inc. has the following amounts reported in its general ledger at the end of the current year. $23,600 15,300 36,600 11,600 76,600 86,600 Organization costs Trademarks Discount on bonds payable Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of net identifiable assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 82,200 (a) On the basis of the information above, compute the total amount to be reported by Shamrock for intangible assets on its balance sheet at year-end. Total amount reported for intangible assets $

Joni Shamrock Inc. has the following amounts reported in its general ledger at the end of the current year. $23,600 15,300 36,600 11,600 76,600 86,600 Organization costs Trademarks Discount on bonds payable Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of net identifiable assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 82,200 (a) On the basis of the information above, compute the total amount to be reported by Shamrock for intangible assets on its balance sheet at year-end. Total amount reported for intangible assets $

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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