Crane Ltd has the following accounts included in its December 31, 2019, trial balance Trading Securities 21,000, Goodwill 150,000, Prepaid Insurance 12,000, Patents 220,000, and Franchises 130,000 Prepare the intangible assets section of the statement of financial position ...

Crane Ltd. has the following accounts included in its December 31, 2019, trial balance: Trading Securities 21,000,

Question:

Crane Ltd. has the following accounts included in its December 31, 2019, trial balance: Trading Securities £21,000, £150,000, Prepaid Insurance £12,000, Patents £220,000, and Franchises £130,000. Prepare the section of the statement of financial position.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...