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Copyrights
30,000
Deposits with advertising agency (will be used to promote
goodwill)
27,000
Discount on bonds
payable
70,000
Excess of cost over fair value of identifable net asset of
acquired subsidiary
Trademarks
000
$
390,000
90,
In the preparation of Vance's balance sheet as of December 31, 2011,
what should be reported as total intangible assets?
$480,000.
$507,000.
$510,000.
$537,000.
Question 5. (TCO C) General Products Company bought Special
Products Division in 2010 and appropriately recorded $500,000 of
goodwill related to the purchase. On December 31, 2011, the fair value
of Special Products Division is $4,000,000 and it is carried on General
Products’ books for a total of $3,400,000, including the goodwill. An
analysis of Special Products Division’s assets indicates that goodwill of
$400,000 exists on December 31, 2011. What goodwill impairment
should be recognized by General Products in 2011?
$0
$200,000
$50,000
$300,000