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 __________

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 7RE

See similar textbooks

Similar questions

Joni Skysong Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $23,700 Trademarks 15,500 Discount on bonds payable 36,700 Deposits with advertising agency for ads to promote goodwill of company 11,700 Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,700 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 86,700 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 82,400 (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. Total amount reported for intangible assets
Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $24,000 Trademarks 15,000 Discount on bonds payable 35,000 Deposits with advertising agency for ads to promote goodwill of company 10,000 Excess of cost over fair value of net identifiable assets of acquired subsidiary 75,000 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 90,000 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 80,000 Instructions a. On the basis of the information above, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-end. b. If an item is not to be included in intangible assets, explain its proper treatment for reporting purposes.
Berrie Electric Inc. has the following amounts included in its general ledger at December 31, 2020: Organization costs $34,000 Purchased trademarks 17,500 Development phase activities (meet all six development phase criteria) 29,000 Deposits with advertising agency for ads to promote goodwill of company 8,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 81,000 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 125,000 Cost of researching a secret formula for a product that is expected to be marketed for at least 20 years 75,000 Payment for a favourable lease; lease term of 10 years 15,000 Instructions:a) Based on the information provided, calculate the total amount for Berrie to report as intangible assets on its statement of financial position at December 31, 2020. Assume Berrie uses IFRS to prepare its financial statements.…
Show the solution in good accounting form Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position?
Carla Vista Electric Inc. has the following amounts included in its general ledger at December 31, 2023: Organization costs $34,600 Purchased trademarks 18,400 Development phase activities (meet all six development phase criteria) 30,300 Deposits with advertising agency for ads to promote goodwill of company 8,500 Excess of cost over fair value of identifiable net assets of acquired subsidiary 80,600 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 125,600 Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years 75,000 Payment for a favourable lease; lease term of 10 years 14,400 (a) Based on the information provided, calculate the total amount for Carla Vista to report as intangible assets on its statement of financial position at December 31, 2023. Assume Carla Vista uses IFRS to prepare its financial statements.
Identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: The fair value of an equipment held by X is P500,000 while its carrying value is P360,000 as of the beginning of the year. It has a remaining useful life of 3 years as of Dec. 31, 2021. X sold inventories costing P150,000 to ABC for P200,000. Only 75% of these inventories were sold by ABC to third parties as of the end of the year.
During your examination of the financial statements of Martin Mfg. Co., a new client, for the year ended March 31, 20X0, you note the following entry in the general journal dated March 31, 20X0: Notes Receivable $550,000 Land $500,000 Gain on sale of land $50,000 To record sale of excess plant-site land to Ardmore Corp. for 8 percent note due five years from date. No interest payment required until maturity of note. Your review of the contract for sale between Martin and Ardmore, your inquiries of Martin executives, and your study of the minutes of Martin’s directors’ meetings uncover the following facts: (1) The land has been carried in your client’s accounting records at its cost of $500,000. (2) Ardmore Corp. is a land developer and plans to subdivide and resell the land acquired from Martin Mfg. Co. (3) Martin had originally…
Account MNO Corporation had the following information regarding its fixed assets: Beginning of the year: $500,000Additions during the year: $100,000Disposals during the year: $50,000Accumulated depreciation at the beginning of the year: $200,000Depreciation expense for the year: $50,000Calculate the net book value of fixed assets at the end of the year.
Berrie Electric Inc. has the following amounts included in its general ledger at December 31, 2023: Organization costs$ 34,000 Purchased trademarks17,500 Development phase activities (meet all six development phase criteria)29,000 Deposits with advertising agency for ads to promote goodwill of company8,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary81,000 Cost of equipment acquired for research and development projects; the equipment has an alternative future use125,000 Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years75,000 Payment for a favourable lease; lease term of 10 years15,000 Instructions Based on the information provided, calculate the total amount for Berrie to report as intangible assets on its statement of financial position at December 31, 2023. Assume Berrie uses IFRS to prepare its financial statements.
EzTech, a calendar year accrual basis corporation, generated $994,300 ordinary income from its business this year. It also sold the following assets, all of which were held for more than 12 months: Machinery Office equipment Warehouse Investment securities Investment land Accumulated Initial Basis Depreciation* $ 97,500 $ 39,660 50,000 12,470 163,500 21,620 72.700 n/a 350,000 n/a Sale Price $ 70,000 57,500 125,000 83,100 328,000 *Through date of sale. EzTech used the straight-line method to calculate depreciation on the warehouse and has no nonrecaptured Section 1231 losses. Required: a. Compute EzTech's taxable income. b. Recompute taxable income assuming that EzTech used the land in its business instead of holding it for investment.
On 1 July 2021 Collaroy Ltd acquired the following assets and liabilities from Bilgola Ltd Carrying amount Fair value Land $500,000 550,000 Plant ( cost $400,000) 480,000 460,000 Inventory 65,000 63,800 Cash 15,000 15,000 Accounts Receivable 40,000 38,600 Accounts Payable (20,000) (20,000) Loans (110,000) (110,000) In exchange for these assets and liabilities Collaroy issued 160,000 shares at $1.70 per share . At 1 July 2021 these shares had a fair value at $7.35 per share Required Prepare the journal entry for the above
The general ledger of Megan Corporation as of December 31, 2018, includes the following accounts: Copyrights $ 30,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Bond sinking fund 70,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 390,000 Trademarks 120,000 In the preparation of Megan's statement of financial position as of December 31, 2018, what should be reported as total intangible assets?

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

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