Blue Corporation has the following accounts included in its December 31, 2020, trial balance: Equity Investments (to be sold in the next 6 months) $29,300, Goodwill $155,700, Prepaid Insurance $20,700, Patents $227,200, and Franchises $114,100. Prepare the intangible assets section of the balance sheet.

Explanations:

the only asset not in the Intangible asset is the Prepaid Insurance which is a current asset.

Explanation:

in the balance sheet we show total net intangible asset after deduction of amortization and also we give the reference of note number where details are given relating to integible asset and how the total balance of itangible assets is calculated as follows

intangible assets section of the balance sheet.

Particulars                             Reference                 2020        

Assets

Intangible                                   N-1                       497000

Note-1

Intangible Assets                    Goodwill      Patents    Franchises        Total

Cost                                          155700        227200        114100           497000  

Accumulated Depriciaton           N/A                                

Carrying Amount                     155700       227200       114100           497000

Life Assumed                           Indefinite      10 years      5 years  

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