Which of the following is not considered an intangible asset in purchase accounting?

In purchase accounting, intangible assets refer to non-physical assets that have value due to the rights or advantages they confer to a business. Examples of intangible assets include brand reputation, customer relationships, and patents, all of which contribute to a company's ability to generate future earnings.

Transaction fees, on the other hand, do not qualify as intangible assets. These fees are typically costs incurred during the acquisition process, which may include legal fees, advisory fees, or commission costs. Unlike intangible assets, transaction fees do not provide long-term benefits or economic advantages to the acquiring company after the purchase. Instead, they represent expenses that reduce the overall value of the transaction.

Recognizing this distinction is crucial in purchase accounting since it helps in accurately assessing and reporting the value of acquired assets and liabilities. Intangible assets need to be identified and valued appropriately for financial reporting, while transaction fees fall under expenses that can impact the financial statements differently.