Hi, could anyone please help with the Statement of Financial position? I got the

Question

Hi, could anyone please help with the Statement of Financial position? I got the answers in red wrong. Thanks!

Exercise 9-10 a-b Cullumber Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent with an estimated useful life of five years for $36,830. The company that sold the patent to Collins registered the patent 10 years ago. Acquired another company and recorded goodwill of $302,000 as part of the purchase. Acquired a franchise for $263,800. The franchise agreement is renewable without charge and not expected to expire. Incurred research costs of $144,500. Incurred development costs of $54,600. A marketable product has been identified and resources have been secured so that production will start 30 next year. Dec. 31 Recorded annual amortization. 31 Tested the intangible assets for impairment. Recoverable amounts exceeded carrying amounts for all intangible assets. Also tested goodwill and determined that it had a recoverable amount of $273,260

Explanation / Answer

Statement of Financial Position is " As at 31st December 2018"

Value of goodwill on closing date is 273,260 (Given in question; point on Dec 31)

Total Intangible assets = 29,464 + 273,260 + 263,800 = 566,524

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