Classification IssuesIntangible Asset Langrova Inc. has the following amounts included in its general ledger at December 31,

Question:

Classification Issues—Intangible Asset Langrova Inc. has the following amounts included in its general ledger at December 31, 2010.

(a) On the basis of the information above, compute the total amount to be reported by Langrova for intangible assets on its balance sheet at December 31, 2010. Equipment has alternative future use.

(b) If an item is not to be included in intangible assets, explain its proper treatment for reporting purposes.

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...