Joni Skysong Inc. has the following amounts reported in its general ledger at th

Question

Joni Skysong Inc. has the following amounts reported in its general ledger at the end of the current year.

(a)

On the basis of this information, compute the total amount to be reported by Skysong for intangible assets on its balance sheet at year-end.

Organization costs $22,600 Trademarks 13,300 Discount on bonds payable 35,600 Deposits with advertising agency for ads to promote goodwill of company 10,600 Excess of cost over fair value of net identifiable assets of acquired subsidiary 75,600 Cost of equipment acquired for research and development projects; the    equipment has an alternative future use 85,600 Costs of developing a secret formula for a product that is expected to    be marketed for at least 20 years 80,200

Explanation / Answer

(a)

Trademarks $13,300 Excess of cost over fair value of net assets ofacquired subsidiary(goodwill) $75,600 Total intangible assets $88,900

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