Use the following to answer questions 31 32 Last year SAM, Inc., had the...
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Use the following to answer questions 31 32 Last year SAM, Inc., had the following expenditures related to developing its trademark: General advertising costs $224,000 Advertising specifically focused on trademark 45,600 Legal fees to register trademark 550 Legal fees for successful defense of new trademark 75,000 Total $345,150 During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all the above as costs of the trademark. Management contends that all of the costs increase the value of the trademark and, therefore, should be capitalized. Question 24 31. Which of the above costs should NOT be capitalized? (select all that apply) General advertising costs Advertising specifically focused on trademark Legal fees to register trademark Legal fees for successful defense of new trademark Question 25 32. $___________ What is the total cost that should be capitalized to the trademark account?
Use the following to answer questions 31 32
Last year SAM, Inc., had the following expenditures related to developing its trademark:
General advertising costs $224,000
Advertising specifically focused on trademark 45,600
Legal fees to register trademark 550
Legal fees for successful defense of new trademark 75,000
Total $345,150 During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all the above as costs of the trademark. Management contends that all of the costs increase the value of the trademark and, therefore, should be capitalized.
Question 24
31. Which of the above costs should NOT be capitalized? (select all that apply)
General advertising costs
Advertising specifically focused on trademark
Legal fees to register trademark
Legal fees for successful defense of new trademark
Question 25
32. $___________ What is the total cost that should be capitalized to the trademark account?
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