Shure Company reported the following assets a year – end: Financial asset held for trading 1 000 000 Goodwill 1 500 000 Prepaid insurance 50 000 Patent 2 500 000 Customer list 500 000 What amount should be reported as total intangible assets at year – end?

Shure Company reported the following assets a year – end: Financial asset held for trading 1 000 000 Goodwill 1 500 000 Prepaid insurance 50 000 Patent 2 500 000 Customer list 500 000 What amount should be reported as total intangible assets at year – end?

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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Question

Shure Company reported the following assets a year – end:

Financial asset held for trading 1 000 000

Goodwill 1 500 000

Prepaid insurance 50 000

Patent 2 500 000

Customer list 500 000

What amount should be reported as total intangible assets at year – end?

Definition Definition Intangible asset that includes proprietary or intellectual property and brand value of a firm. Goodwill is recorded in the books when a firm purchases another firm and the purchase price is more than the fair value of net identifiable assets of the acquired business. The amount of goodwill is recorded on the asset side of the balance sheet (statement of financial position).

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