Joni Marin Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $24,400 Trademarks 16,900 Discount on bonds payable 37,400 Deposits with advertising agency for ads to promote goodwill of company 12,400 Excess of cost over fair value of net identifiable assets of acquired subsidiary 77,400 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 87,400 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 83,800 (a) On the basis of this information, compute the total amount to be reported by Marin for intangible assets on its balance sheet at year-end. Total amount reported for intangible assets __________
Joni Marin Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $24,400 Trademarks 16,900 Discount on bonds payable 37,400 Deposits with advertising agency for ads to promote goodwill of company 12,400 Excess of cost over fair value of net identifiable assets of acquired subsidiary 77,400 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 87,400 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 83,800 (a) On the basis of this information, compute the total amount to be reported by Marin for intangible assets on its balance sheet at year-end. Total amount reported for intangible assets __________
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Joni Marin Inc. has the following amounts reported in its general ledger at the end of the current year.
| Organization costs | $24,400 | |
| Trademarks | 16,900 | |
| Discount on bonds payable | 37,400 | |
| Deposits with advertising agency for ads to promote |
12,400 | |
| Excess of cost over fair value of net identifiable assets of acquired subsidiary | 77,400 | |
| Cost of equipment acquired for research and development projects; the equipment has an alternative future use |
87,400 | |
| Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years |
83,800 |
(a)
On the basis of this information, compute the total amount to be reported by Marin for intangible assets on its
| Total amount reported for intangible assets __________ |
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