Classifying Intangible Costs on the Balance Sheet The adjusted trial balance of Lawrence Corporation showed...
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Classifying Intangible Costs on the Balance Sheet The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period Cash $39.600 Trademark $12.100 Patent net 12.600 Prepaid insurance two-thirds in long term 5.400 Accounts receivable (net of allowance 81.000 Copyright 10.800 expense current 900 Equipment inet of accumulated depreciation) 270.000 Mar quity securities curent 45.000 Notes receivable, trade short term 3,000 Franchise.net 16.200 RSD expense 35.100 Rent revenue receivable (current) 2,700 Noncompete agreement 10,000 Goodwill 54.000 Required Prepare the asset section of Lawrence's balance sheet at December 31, 2020, include the proper balance sheet classifications with separate captions for current assets, property, plant, and equipment intangible assets; and other assets. Assume that all required amortization entries have been made Note list all accounts within each balance sheet category in alphabetical order Lawrence Corp. Balance Sheet-Selected Balances December 31, 2020 Assets Current Assets $ > . > > $ Property, plant, and equipment Intangible assets Other assets > Total Assets $
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