Question

Your audit of the general ledger of the Flayle Corporation as of December 31 includes the following accounts: Organization costs ................................... P 20,000 Trademarks ........................................... P 68,000 Deposits with advertising agency (will be used to promote goodwill) .................................. P 80,000 Discount on bonds payable ............................ P 8,000 Excess of cost over book value of net assets of acquired subsidiary ................................ P 300,000 In the preparation of Flayle's statement of financial position as of December 31, what should be reported as total intangible assets?

          Your audit of the general ledger of the Flayle Corporation as of December 31 includes the following accounts:
Organization costs ...................................
P 20,000
Trademarks ...........................................
P 68,000
Deposits with advertising agency (will be used to
  promote goodwill) ..................................
P 80,000
Discount on bonds payable ............................
P 8,000
Excess of cost over book value of net assets of
  acquired subsidiary ................................
P 300,000
In the preparation of Flayle's statement of financial position as of December 31, what should be reported as total intangible assets?

Added by Joshua W.

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