Homework Answers
Cash paid for intabgible asset to be reported = $156,000
Working
| Intangible asset at beginning of year | $ 888,000.00 |
| Less: Amortization expense | $ (255,000.00) |
| Less: Cost of asset sold (200000+22000) | $ (222,000.00) |
| Subtotal | $ 411,000.00 |
| Less: Ending Intangible asset balance | $ (567,000.00) |
| Purchase of asset | $ (156,000.00) |
Since asset is sold at loss the cash received + loss would be the cost of asset.
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