Pine Corporation 's adjusted trial balance contained the following asset accounts at December 31, 2014 Prepaid Rent $12,000 Goodwill $50,000 Franchise Fees Receivable $2,000 Intangible Assets Franchises $47,000 Intangible Assets Patents $33,000 Intangible Assets Trademarks $ 10,000 Prepare the Inta...

Pine Corporation's adjusted trial balance contained the following asset accounts at December 31, 2014: Prepaid Rent ........

Question:

Pine Corporation's adjusted trial balance contained the following asset accounts at December 31, 2014:
Prepaid Rent ........ $12,000;
Goodwill ........... $50,000;
Franchise Fees Receivable .... $2,000;
- Franchises ... $47,000;
- Patents ... $33,000;
-Trademarks . $ 10,000.
Prepare the section of the statement of financial position.
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...