Williams Inc. has the following amounts included in its general ledger at the end of the current year.Organization costs ……………….. $120,000Trademarks ……………………. 150,000Discount on bonds payable ……………… 45,000Deposits with advertising agency for ads to promote goodwill of company ……………… 25,000Excess of cost over fair value of net identifiable assets of acquired subsidiary ………………. 750,000Cost of equipment acquired for research and development projects; the equipment has an alternative future use ………. 300,000Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years …….. 800,000Instructions(a) On the basis of the information above, compute the total amount to be reported by Williams for intangible assets on its balance sheet at year-end. Equipment has alternative future use.(b) If an item is not to be included in intangible assets, explain its proper treatment for reporting purposes.View Solution:
Williams Inc has the following amounts included in its general



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