Flint Corporations general ledger as of December 31, 2019, includes the following accounts: Corporation (start-up) costs ...........................................................................$

Question:

Flint Corporation’s general ledger as of December 31, 2019, includes the following accounts:
Corporation (start-up) costs ...........................................................................$ 5,000
Deposits with advertising agency (will be used to promote goodwill) ........8,000
Discounts on bonds payable ..........................................................................15,000
Excess of purchase price over fair value of the identifiable net assets
of acquired company ......................................................................................70,000
Trademarks .....................................................................................................12,000
In the preparation of Flint’s balance sheet as of December 31, 2019, what should be reported as total intangible assets?
a. $82,000
b. $87,000
c. $95,000
d. $110,000

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... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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