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Q3) The following is a list that can be included in the intangible assets section of the statement of financial position: Investment in a subsidiary company. Timberland, Cost of engineering activity required 10 advance the design of product to the manufacturing stage. Cost of searching for applications of new research findings. Costs incurred in the formation of a corporation. Training costs incurred in start-up of new operation. Purchase cost of a franchise. Goodwill generated internally Cost of testing in search for product alternatives. Goodwill acquired in the purchase of a business. Cost of developing a patent (before achieving economic viability). Cost of purchasing a patent from an inventor. Legal costs incurred in securing a patent. Unrecovered costs of a successful legal suit to protect the patent, Cost of conceptual formulation of possible product alternatives. Cost of purchasing a copyright. Development costs incurred after achieving economic viability. Long-term receivables. Cost of developing a trademark. Cost of purchasing a trademark. Instructions Indicate which items on the list above would generally be reported as intangible assets in the statement of financial position.                   Indicate how, if at all, the items not reportable as intangible assets would be reported in the financial statements.

Q3) The following is a list that can be included in the intangible assets section of the statement of financial position: Investment in a subsidiary company. Timberland, Cost of engineering activity required 10 advance the design of product to the manufacturing stage. Cost of searching for applications of new research findings. Costs incurred in the formation of a corporation. Training costs incurred in start-up of new operation. Purchase cost of a franchise. Goodwill generated internally Cost of testing in search for product alternatives. Goodwill acquired in the purchase of a business. Cost of developing a patent (before achieving economic viability). Cost of purchasing a patent from an inventor. Legal costs incurred in securing a patent. Unrecovered costs of a successful legal suit to protect the patent, Cost of conceptual formulation of possible product alternatives. Cost of purchasing a copyright. Development costs incurred after achieving economic viability. Long-term receivables. Cost of developing a trademark. Cost of purchasing a trademark. Instructions Indicate which items on the list above would generally be reported as intangible assets in the statement of financial position.                   Indicate how, if at all, the items not reportable as intangible assets would be reported in the financial statements.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 4C
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Q3) The following is a list that can be included in the intangible assets section of the statement of financial position:

  1. Investment in a subsidiary company.
  2. Timberland,
  3. Cost of engineering activity required 10 advance the design of product to the manufacturing stage.
  4. Cost of searching for applications of new research findings.
  5. Costs incurred in the formation of a corporation.
  6. Training costs incurred in start-up of new operation.
  7. Purchase cost of a franchise.
  8. Goodwill generated internally
  9. Cost of testing in search for product alternatives.
  10. Goodwill acquired in the purchase of a business.
  11. Cost of developing a patent (before achieving economic viability).
  12. Cost of purchasing a patent from an inventor.
  13. Legal costs incurred in securing a patent.
  14. Unrecovered costs of a successful legal suit to protect the patent,
  15. Cost of conceptual formulation of possible product alternatives.
  16. Cost of purchasing a copyright.
  17. Development costs incurred after achieving economic viability.
  18. Long-term receivables.
  19. Cost of developing a trademark.
  20. Cost of purchasing a trademark.

Instructions

  1. Indicate which items on the list above would generally be reported as intangible assets in the statement of financial position.                  
  2. Indicate how, if at all, the items not reportable as intangible assets would be reported in the financial statements.                
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