Question - The general ledger of Banner corporation as of December 31, 2004 includes the following accounts:
Copy rights: $40,000
Deposits with advertising agency (will be used to promote goodwill) 27,000
Discount on bonds payable 67,500
Excess of cost over fair value of identifiable net assets of acquired subsidiary 400,000
Trademarks 90,000
In the preparation of Banner's balance sheet as of December 31, 2004, what should be reported as total intangible assets?
a) $714,500
b) 647,000
c) 530,000
d) None of the above