I was wondering why is this wrong? Cullumber Electric Inc. has...
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Accounting
I was wondering why is this wrong?
Cullumber Electric Inc. has the following amounts included in its general ledger at December 31, 2020 Organization costs Purchased trademarks Development phase activities (meet all six development phase criteria) Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of identifiable net assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years Payment for a favourable lease;lease term of 10 years $35,500 18,300 29,500 8,500 81.600 124.400 75,000 14,300 (a) Based on the information provided, calculate the total amount for Cullumber to report as intangible assets on its statement of financial position at December 31, 2020. Assume Cullumber uses IFRS to prepare its financial statements Total amount of intangible assets to be reported 47200
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