Prycal Co. merges with InterBuy, Inc., and acquires several different categories of intangible assets including trademarks, a customer list, copyrights on artistic materials, agreements to receive royalties on leased intellectual property, and unpatented technology.
a. Describe the criteria for determining whether an intangible asset acquired in a business combination should be separately recognized apart from goodwill.
b. For each of the acquired intangibles listed, identify which recognition criteria (separability and legal/contractual) may or may not apply in recognizing the intangible on the acquiring firm’s financial statements.
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