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please help me to make corrections and please write down how did you solve it. thanks Pharoah Electric Inc. has the following amounts included in
please help me to make corrections and please write down how did you solve it. thanks
Pharoah Electric Inc. has the following amounts included in its general ledger at December 31, 2020: Organization costs Purchased trademarks Development phase activities (meet all six development phase criteria) Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of Identifiable net assets of acquired subsidiary Cost of equipment acquired for research and development projects: the equipment has an alternative future use Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years Payment for a favourable lease; lease term of 10 years $34,500 18,000 29,900 8,400 81,300 124,400 74,500 16,000 Based on the information provided, calculate the total amount for Pharoah to report as intangible assets on its statement of financial position at December 31, 2020. Assume Pharoah uses IFRS to prepare its financial statements Total amount of intangible assets to be reported 113200Step by Step Solution
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