Intangible assets acquired solely from other entities or individuals should be r

Question

Intangible assets acquired solely from other entities or individuals should be recorded at cost at date of acquisition. Cost may not be measured by which of the following? A. Amount of cash disbursed. B. Present value of amounts to be paid for liabilities incurred. C. Fair value of other assets distributed. D. Net carrying amount of the previous owner. Intangible assets acquired solely from other entities or individuals should be recorded at cost at date of acquisition. Cost may not be measured by which of the following? A. Amount of cash disbursed. B. Present value of amounts to be paid for liabilities incurred. C. Fair value of other assets distributed. D. Net carrying amount of the previous owner.

Explanation / Answer

Answer : D) Net carrying amount of previous owner

    Intangible assets acquired solely from other entities or individuals should be recorded at cost at date of acquisition. Cost may not be measured by Net carrying amount of previous owner

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