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E12.3(LO 1,2) Excel (Classification Issues-Intangible Assets) Joni Hyde Inc. has the following amounts reported in...

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Accounting

E12.3(LO 1,2) Excel (Classification Issues-Intangible Assets) Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year.
Organization costs
Trademarks
Discount on bonds payable
Deposits with advertising agency for ads to promote goodwill of company
Excess of cost over fair value of net identifiable assets of acquired subsidiary
Cost of equipment acquired for research and development projects; the equipment has an alternative future use
Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years
$24,000
15,000
35,000
10,000
75,000
90,000
80,000
Instructions
a. On the basis of the information above, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-end.
b. If an item is not to be included in intangible assets, explain its proper treatment for reporting purposes.
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