Wholefoods, an American supermarket chain, introduced its own private label, 365 brand in 1997 (24 years ago).
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Wholefoods, an American supermarket chain, introduced its own private label, ‘365’ brand in 1997 (24 years ago). Wholefoods registered ‘365’ trademark in 1997 for $1,000. Since then, Wholefoods has paid an annual registration fee of $100 and continues to promote the ‘365’ trademarked brand by spending $3000 on advertising per year. What is the carrying amount of ‘365’ trademarked brand on Wholefoods’ 2021 balance sheet based on US GAAP and IAS 38?
A. $0
B. $1,000
C. $3,400
D. $75,400
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