On June 30, 2020, Blue Ltd. exchanged 2,000 Ivy Corp. common shares for a patent owned by Jazz Corp. The Ivy shares were acquired in 2018 for $125,000. At the exchange date, Ivy common shares have a fair value of $80 per share, and the patent had a carrying value of $280,000 on Jazz's books. Blue should record the patent at

a)$280,000.

b)$160,000.

c)$155,000.

d)$125,000

Icicle Corp.'s average annual net income is $50,000 above the average for Icicle's industry. Snowy is interested in purchasing Icicle. Assuming Snowy estimates goodwill by capitalizing excess earnings at 13%, the estimated goodwill (to the nearest dollar) is

a)$753,846.

b)$685,162.

c)$384,615.

d)$ 0.

At December 31, 2020, Walker Corp.'s general ledger includes the following account balances:

Copyrights

$50,000

Deposits with advertising agency (will be used to promote goodwill)

32,000

Discount on bonds payable

72,700

Excess of cost over fair value of identifiable net assets of acquired subsidiary

578,000

Trademarks

102,000

In the preparation of Walker's balance sheet as of December 31, 2020, what should be reported as total intangible assets?

a)$152,000

b)$730,000

c)$762,000

d)$802,700