Business, 25.11.2021 14:00, jaycub2001

Reporting Intangible Costs Hanks Co. recorded the following amounts for 2020. Research and development costs, $50,000.
Patent, acquired on January 1, 2020, with 10-year useful life, $35,000.
Goodwill from purchase of a company, $100,000.
Acquired customer list with an indefinite useful life, $20,000.
Legal fees paid on December 31, 2020, to register a patent (internally developed, 15-year useful life), $5,000.

Required:
a. Determine the amounts to be included on the balance sheet on December 31, 2020.
b. Determine amounts to be included on the income statement for the year 2020.

Answers: 1

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Reporting Intangible Costs Hanks Co. recorded the following amounts for 2020. Research and develop...