Organization costs Purchased trademarks Development phase activities (meet all six development phase criteria) Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of identifiable net assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years Payment for a favourable lease; lease term of 10 years $34,700 18,500 31,500 7,700 81,100 125,300 75,900 14,900 =) Based on the information provided, calculate the total amount for Blossom to report as intangible assets on its statement of financial osition at December 31, 2023. Assume Blossom uses IFRS to prepare its financial statements.

Organization costs Purchased trademarks Development phase activities (meet all six development phase criteria) Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of identifiable net assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years Payment for a favourable lease; lease term of 10 years $34,700 18,500 31,500 7,700 81,100 125,300 75,900 14,900 =) Based on the information provided, calculate the total amount for Blossom to report as intangible assets on its statement of financial osition at December 31, 2023. Assume Blossom uses IFRS to prepare its financial statements.

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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ABC Co. is acquiring XYZ Inc. XYZ has the following intangible assets: Customer list with an observable fair value of $45,000 Identifiable research and development costs of $150,000 A 5-year operating lease with favorable terms having a discounted present value of $6,000. Patent on a product that is deemed to have no useful life $15,000. ABC will record how much for acquired Intangible Assets from the purchase of XYZ Inc?
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Acquisition and retirements Capital lease Goodwill Net income Ownership Property tax Repairs and maintenance Retirement work order Revenue Subsidiary ledger Working papers
And c. Land and d. Factory building journal formal
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