Flint Corporation’s general ledger as of December 31, 2016

jagguarpaw January 19, 2017 0 Comments

Question: Flint Corporation’s general ledger as of December…

 

Flint Corporation’s general ledger as of December 31, 2016, includes the following accounts:

Corporation (start-up) costs $ 5,000

Deposits with advertising agency (will be used to promote goodwill) 8,000

Discounts on bonds payable 15,000

Excess of purchase price over fair value of the identifiable net assets of acquired company 70,000

Trademarks 12,000

In the preparation of Flint’s balance sheet as of December 31, 2016, what should be reported as total intangible assets?