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1- ABC Corporation is a manufacturing firm. On December 31, 2015, ABC Co. has trading securities valued at $25,000; goodwill valued at $450,000; prepaid insurance
1- ABC Corporation is a manufacturing firm. On December 31, 2015, ABC Co. has trading securities valued at $25,000; goodwill valued at $450,000; prepaid insurance valued at $28,000; patents valued at $210,000; and a customer list valued at $220,000. What amount should be reported as intangible assets? 2- Houghton Company has the following items: share capital-ordinary, $820,000; treasury shares, $85,000; unearned revenues, $100,000 and retained earnings, $313,000. What amount should Houghton Company report as total equity? 3- ABC Corp.'s trial balance reflected the following account balances at December 31, 2015: Accounts receivable (net) Trading securities Accumulated depreciation-equipment Cash Inventory Equipment Patent Prepaid expenses Land held for future business site $24,000 6,000 15,000 21,000 30,000 25,000 4,000 2,000 18,000 In Stine's December 31, 2015 statement of financial position, what is the amount of total current assets
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