The following amounts are included in the general ledger of LUNA Corp at December 31, 2020: Organization cost P 52,000 Trademarks 95,000 Patents 225,000 Discount on bonds payable 105,000 Deposits with advertising agency for ads to promote goodwill of company 50,000 Cost of equipment acquired for various research and development projects 320,000 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 240,000 Required: What is the total amount of intangible assets that LUNA should report on its statement of financial position at December 31, 2020?
The following amounts are included in the general ledger of LUNA Corp at December 31, 2020:
Organization cost P 52,000
Trademarks 95,000
Patents 225,000
Discount on bonds payable 105,000
Deposits with advertising agency for ads
to promote
Cost of equipment acquired for various research
and development projects 320,000
Costs of developing a secret formula for a product that
is expected to be marketed for at least 20 years 240,000
Required:
What is the total amount of intangible assets that LUNA should report on its
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