Need correct solution general accounting The general ledger of Banner corporation as of December 31, 2004includes the following accounts: copy rights, $40,000; deposits withadvertising agency (will be used to promote goodwill), $27,000; discounton bonds payable, $67,500; excess of cost over fair value of identifiablenet assets of acquired subsidiary, $400,000; trademarks, $90,000. In thepreparation of Banner's balance sheet as of December 31, 2004, whatshould be reported as total intangible assets?a) $714,500b) 647,000c) 530,000d) none of the above

Step 1: Define Intangible AssetThe assets of a company can be divided into two categories namely…

Answered: The general ledger of Banner…

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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The general ledger of Megan Corporation as of December 31, 2018, includes the following accounts: Copyrights $ 30,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Bond sinking fund 70,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 390,000 Trademarks 120,000 In the preparation of Megan's statement of financial position as of December 31, 2018, what should be reported as total intangible assets?
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Arizona Corp. had the following account balances at 12/1/19: Receivables: $96,000; Inventory: $240,000; Land: $720,000; Building: $600,000; Liabilities: $480,000; Common stock: $120,000; Additional paid-in capital: $120,000; Retained earnings, 12/1/19: $840,000; Revenues: $360,000; and Expenses: $264,000. Several of Arizona's accounts have fair values that differ from book value. The fair values are: Land — $480,000; Building — $720,000; Inventory — $336,000; and Liabilities — $396,000. Inglewood Inc. acquired all of the outstanding common shares of Arizona by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. Determine in 525- words whether you would encourage acquiring Arizona Corp? Be sure to include your rationale. any help or a decent starting point would be helpful for the deterimantion. thanks
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