Question - Classification Issues-Intangible Asset
Langrova Inc. has the following amounts included in its general ledger at December 31, 2010.
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Organization costs
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$28,092
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Trademarks
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19,641
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Discount on bonds payable
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34,593
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Deposits with advertising agency for ads to promote goodwill of company
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12,629
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Excess of cost over fair value of net identifiable assets of acquired subsidiary
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72,325
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Cost of equipment acquired for research and development projects; the
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equipment has an alternative future use
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90,123
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Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years
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78,403
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On the basis of the information above, compute the total amount to be reported by Langrova for intangible assets on its balance sheet at December 31, 2010. Equipment has alternative future use.