Joni Hyde Inc. has the following amounts reported in its general ledger at the e
ID: 2479944 • Letter: J
Question
Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $23,090 Trademarks 19,340 Discount on bonds payable 42,170 Deposits with advertising agency for ads to promote goodwill of company 10,360 Excess of cost over fair value of net identifiable assets of acquired subsidiary 83,780 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 92,370 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 88,070 On the basis of this information, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-end. Equipment has alternative future use.Explanation / Answer
Trademarks $19340
Excess of cost over fair value of net assets of acquired subsidiary (goodwill) $83780
Total intangible assets $ 103120
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