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The general ledger of Wildhorse Corporation as of December 31, 2021, includes the following accounts: Copyrights $ 59000 Deposits with advertising agency (will be used
The general ledger of Wildhorse Corporation as of December 31, 2021, includes the following accounts:
Copyrights | $ 59000 |
Deposits with advertising agency (will be used to promote goodwill) | 36000 |
Discount on bonds payable | 79000 |
Excess of cost over fair value of identifiable net assets of | |
Acquired subsidiary | 570000 |
Trademarks | 68000 |
In the preparation of Wildhorse's balance sheet as of December 31, 2021, what should be reported as total intangible assets?
| $674000. |
| $697000. |
| $638000. |
| $733000. |
Sheridan Corporation acquired a patent on May 1, 2020. Sheridan paid cash of $95000 to the seller. Legal fees of $2800 were paid related to the acquisition. What amount should be debited to the patent account?
| $95000 |
| $2800 |
| $92200 |
| $97800 |
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