Orbit IncPurchased Planet Co $\quad$ $\quad$ Patent $0
B)?Goodwill $100,000

question 19

Multiple Choice

Orbit Inc.purchased Planet Co.on January 1, 2016.At that time an existing patent having a 5-year life was not recorded as a separately identified intangible asset.At the end of fiscal year 2015, it is determined the patent is valued at $20,000, and goodwill has a book value of $100,000.How should intangible assets be reported at the beginning of fiscal year 2016??

• A)?Goodwill $100,000 \(\quad \)\(\quad \)Patent $0
• B)?Goodwill $100,000 \(\quad \)\(\quad \)Patent $20,000
• C)?Goodwill $80,000 \(\quad \)\(\quad \)Patent $20,000
• D)?Goodwill $80,000 \(\quad \)\(\quad \)Patent $16,000

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Definitions:

Leadership Grid

A model used to describe various leadership styles by assessing concern for people vs. concern for production/tasks.

Club Leadership Style

A leader's approach that emphasizes camaraderie, collegiality, and shared decision-making among team members.

Stated Goals

Explicit objectives set by an organization or individual aiming to guide actions and measure success.

Great Atmosphere

A highly positive, enjoyable, and supportive environment, often used to describe workplaces or social settings.