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What amount should be reported as an intangible asset

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QUESTION: A company starts operations on January 1, Year One. Organization and start-up costs of $60,000 are expended on that date. Additional costs of $30,000 are spent in connection with the issuance of capital stock. On a December 31, Year One balance sheet, what amount should be reported as an intangible asset in connection with these amounts?

a) zero

b) $ 48K

c) $ 60 K

d) $ 72 K

Reference no: EM131711435

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