Question

Joni Hyde inc. has the following amounts reported in it general ledger at the end of the current year. Organization costs. 24,000, trademarks 15,000, discount on bonds payable 35,000. Deposit 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, cost of developing a secret formula for a product that is expected to be marketed for at least 20 years 80,000. 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 it's proper treatment for reporting purposes.

Answer 1

Yes........?????????????