FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ee 211.

Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year.
Organization costs
Trademarks
Discount on bonds payable
Deposits with advertising agency for ads to promote goodwill of company
Excess of cost over fair value of net identifiable assets of acquired subsidiary
Cost of equipment acquired for research and development projects;
the equipment has an alternative future use
Costs of developing a secret formula for a product that is expected
to be marketed for at least 20 years
$24,000
15,000
35,000
10,000
75.000
90,000
80,000
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Transcribed Image Text:Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs Trademarks Discount on bonds payable Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of net identifiable assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years $24,000 15,000 35,000 10,000 75.000 90,000 80,000
(a)
On the basis of this information, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-
end.
Total amount reported for intangible assets
$
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Transcribed Image Text:(a) On the basis of this information, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year- end. Total amount reported for intangible assets $
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