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ans of balance sheet correctly The intangible assets and goodwill reported by Ivanhoe Corporation at December 31, 2020, follow: Copyrights (#1) $ 35,740 Less: Accumulated
ans of balance sheet correctly
The intangible assets and goodwill reported by Ivanhoe Corporation at December 31, 2020, follow: Copyrights (#1) $ 35,740 Less: Accumulated amortization 17.870 $ 17,870 Trademarks 50,390 Goodwill 119,060 Total $ 187,320 A copyright (#1) was acquired on January 1, 2019. and has a useful life of four years. The trademarks were acquired on January 1, 2017. and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021: Jan. 5 Paid $ 6,920 in legal costs to successfully defend the trademarks against infringement by another company. Developed a new product, incurring $ 201,940 in research and $ 49,500 in development costs with probable future benefits. The product is expected to have a useful life of 18 years. July Sept. Paid $ 55,670 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Oct. Acquired another copyright (#2) for $ 159,000. The new copyright has a useful life of six years. 3: Dec. Determined the fair value of the goodwill to be $ 86,270. There was no indication that the copyrights or trademarks were impaired. Date Account Titles and Explanation Debit Jan. 5 Trademarks 6.920 Cash July 1 V Research Expenses 201940 Cash (To record research expense) July 1 V Development Costs 49500 Cash (To record development costs) 55670 Sept. 1 Advertising Expense 159000 Oct. 1 V Copyrights - Accumulated Amortization - Copyrights (To record amortization on copyrights acquired on January 1, 2019) Dec. Amortization Expense Accumulated Amortization - Copyrights (To record amortization on copyrights acquired on October 1, 2021) h Dec. Amortization Expense 1375 Accumulated Amortization -Development Costs (To record amortization expense on development cost) Dec. Impairment Loss 1 IVANHOE CORPORATION Statement of Financial Position (Partial) December 31, 2021 Assets Intangible assets: Intangible Assets and Goodwill V Copyrights Less Accumulated Amortization - Copyrights s[ Development Costs Less Accumulated Amortization - Copyrights > Indefinite-Life Intangible Assets Trademarks Total Intangible Assets > Goodwill IVANHOE CORPORATION Statement of Financial Position (Partial) December 31, 2021 Assets lwill $ cumulated Amortization - Copyrights $ cumulated Amortization - Copyrights ssets S
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