Evaluate total amount for intangible assets

Assignment Help Cost Accounting

Reference no: EM132433

Question:

Langrova Inc. has the subsequent amounts included in

It's general ledger at December 31, 2010.

Organization costs $24,000

Trademarks 20,000

Discount on bonds payable 35,000

Deposits with advertising agency for ads to endorse 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 development and research 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 70,000

Instructions

(a) On the basis of the information above, evaluate the total amount to be reported by Langrova for intangible assets on its balance sheet at December 31, 2010. Equipment has alternative future use.

(b) If an item is not to be included in intangible assets, explain its proper treatment for reporting

Reference no: EM132433

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