Exercise 12-3 Joni Windsor Inc. has the following amounts reported in its genera
ID: 2527750 • Letter: E
Question
Exercise 12-3
Joni Windsor Inc. has the following amounts reported in its general ledger at the end of the current year.
Organization costs $24,100
Trademarks 16,300
Discount on bonds payable 37,100
Deposits with advertising agency for ads to promote goodwill of company 12,100
Excess of cost over fair value of net identifiable assets of acquired subsidiary 77,100
Cost of equipment acquired for research and development projects; the
equipment has an alternative future use 87,100
Costs of developing a secret formula for a product that is expected to
be marketed for at least 20 years 83,200
(a)
On the basis of this information, compute the total amount to be reported by Windsor for intangible assets on its balance sheet at year-end.
Total amount reported for intangible assets
$
Explanation / Answer
Answer a. Trademarks 16,300.00 Excess of cost over fair value of net identifiable assets of acquired subsidiary (Goodwill) 77,100.00 Total Intangible Assets 93,400.00
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