ACC 304 All Assignments ACC 304 All Assignments | Page 14

20) The general ledger of Vance Corporation as of December 31, 2015,
includes the following accounts:
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 identifiable net assets of Acquired
subsidiary
480,000
Trademarks
90,000
In the preparation of Vance's balance sheet as of December 31, 2015,
what should be reported as total intangible assets?
21) Sealy Corporation had the following information in its financial
statements for the years ended 2014 and 2015:
Cash dividends for the year 2015
$5,000
Net income for the year ended 2015 87,000
Market price of stock, 12/31/14 10
Market price of stock, 12/31/15 12
Common stockholders' equity, 12/31/14
1,000,000