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

Question

Joni Metlock 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 Metlock for intangible assets on its balance sheet at year-end.

Organization costs $22,300 Trademarks 12,700 Discount on bonds payable 35,300 Deposits with advertising agency for ads to promote goodwill of company 10,300 Excess of cost over fair value of net identifiable assets of acquired subsidiary 75,300 Cost of equipment acquired for research and development projects; the    equipment has an alternative future use 85,300 Costs of developing a secret formula for a product that is expected to    be marketed for at least 20 years 79,600

Explanation / Answer

Total amount reported for intangible assets        

Trademarks         

$12,700

Excess of cost over fair value of net identifiable assets of acquired

subsidiary  

$75,300

Total intangible assets

$88,000

Trademarks         

$12,700

Excess of cost over fair value of net identifiable assets of acquired

subsidiary  

$75,300

Total intangible assets

$88,000

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