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Here is selected financial statement data regarding a companys intangible assets. Balance Sheet: Dec 31, 2018 Dec 31, 2017 I

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Answer #1

Cash paid for intabgible asset to be reported = $156,000

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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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