The general ledger of Vance Corporation as of December 31, 2011, includes the fo

Question

The general ledger of Vance Corporation as of December 31, 2011, includes the following accounts:

Copyrights $ 30,000

Deposits with advertising agency (will be used to promote goodwill) 27,000

Discount on bonds payable 70,000

Excess of cost over fair value of identifiable net assets of
Acquired subsidiary 390,000

Trademarks 90,000

In the preparation of Vance's balance sheet as of December 31, 2011, what should be reported as total intangible assets?
a. $480,000.
b. $507,000.
c. $510,000.
d. $537,000.

Explanation / Answer

Copyrights $ 30,000 Excess of cost over fair value of identifiable net assets of Acquired subsidiary 390,000 Trademarks 90,000 Total $510,000 In the preparation of Vance's balance sheet as of December 31, 2011, what should be reported as total intangible assets? Correct answer is C -$510,000 c. $510,000

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