Pine Corporations adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $22,000;

Question:

Pine Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $22,000; Goodwill $50,000; Franchise Fees Receivable $2,000; Intangible Assets—Franchises $47,000; Intangible Assets—Patents $33,000; and Intangible Assets—Trademarks $10,000. Prepare the Intangible Assets section of the statement of financial position.

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...

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