Joni Skysong Inc has the following amounts reported in its g

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

Solution

(a)

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

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