For Grimmett Company, the following information is available: 
In Grimmett's statement of financial position, intangible assets should be reported at
Definitions:
Perfectly Competitive
A market structure characterized by a large number of small firms, identical products sold by all firms, no barriers to entry, and perfect information among buyers and sellers.
Close Substitutes
Products or services that can easily replace each other in the eyes of consumers due to their similar functions or characteristics.
Imperfectly Competitive
A market structure where individual producers have some control over the price and supply of products, as opposed to perfect competition where no single producer can influence the market.
Market Price
The prevailing rate at which a commodity or service is available for purchase or sale in a specific market.
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