Reference no: EM132906238
Question - Beyonce, Inc. commenced operations at the beginning of the current year. A number of expenditures were debited to one account called Intangible Assets:
State incorporation fees and legal costs related to organizing the corporation: 100,000
Fire insurance premium for three-year period: 60,000
Purchase of a copyright: 200,000
Research and development costs: 400,000
Legal fees for filing a patent on a new product resulting from an R&D project: 50,000
Legal fees for successfully defending a patent developed from the project: 10,000
Initial franchise fee paid to a franchisor: 500,000
Advertising cost: 150,000
Consideration paid to purchase an entity/acquiree (with total assets of 6,000,000 and total liabilities of 2,200,000 at fair value): 5,000,000
Required - How much is the correct amount that Beyonce, Inc. report as Intangible Assets?
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