Mason Corporation has the following accounts included in its December 31, 2008, trial balance Trading Securities $21,000 Goodwill $150,000 Prepaid Insurance $12,000 Patents $220,000 Franchises $110,000 Prepare the intangible assets section of the balance sheet ...

Mason Corporation has the following accounts included in its December 31, 2008, trial balance: Trading Securities $21,000;

Question:

Mason has the following accounts included in its December 31, 2008, trial balance: Trading Securities $21,000; $150,000; Prepaid Insurance $12,000; Patents $220,000; Franchises $110,000. Prepare the section of the balance sheet.

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... 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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...