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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Glenda Corporation has the following assets at year-end: Prepaid Rent, $6,000; Land, $58,000; Trademarks, $37,000; Computer Software Costs, $8,500; Patents, $13,000; Inventories, $17,000; and Goodwill, $1 1,000. Prepare the intangible assets section of Glenda’s year-end balance sheet.

To determine

Prepare the intangible assets section of Corporation G’s year-end balance sheet.

Explanation

Intangibles’ assets section:

Intangibles’ assets section comprises of noncurrent current economic resources that lacks physical or financial nature. For example, patents, goodwill.

Prepare the intangible assets section:

Intangible Assets:Amount ($)Amount ($)
Trademarks37,000 
Patents

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