Please provide correct answer The general ledger of Nexus Technologies Inc. as of December 31, 2022, includes the followingaccounts:Intangible Asset CategoryAmount ($) Intangible Asset?Patents45,000YesDeposits with marketing agency35,000NoExcess of cost over fair value of identifiable net assets 480,000Yes (Goodwill)Trademarks120,000YesCustomer relationships75,000YesIn preparing Nexus Technologies' balance sheet as of December 31, 2022, what should bereported as total intangible assets?a. $615,000b. $680,000c. $655,000d. $720,000

Step 1: Define Intangible AssetsIntangible assets are non-physical assets that provide long-term…

Answered: The general ledger of Nexus…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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