Answered: Which intangible asset is recorded only…

Which intangible asset is recorded only as part of the acquisition of another company? Patent Goodwill Copyright Franchise

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter8: Depreciation And Sale Of Business Property

Section: Chapter Questions

Problem 12MCQ

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Question

Which intangible asset is recorded only as part of the acquisition of another company?

Patent
Goodwill
Copyright
Franchise

Definition Definition Intangible asset that includes proprietary or intellectual property and brand value of a firm. Goodwill is recorded in the books when a firm purchases another firm and the purchase price is more than the fair value of net identifiable assets of the acquired business. The amount of goodwill is recorded on the asset side of the balance sheet (statement of financial position).

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