Reference no: EM132615697
Question - Sheridan Electric Inc. has the following amounts included in its general ledger at December 31, 2020:
Organization costs $35,200
Purchased trademarks $18,000
Development phase activities (meet all six development phase criteria) $29,900
Deposits with advertising agency for ads to promote goodwill of company $8,200
Excess of cost over fair value of identifiable net assets of acquired subsidiary $81,300
Cost of equipment acquired for research and development projects; the equipment has an alternative future use $125,500
Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years $75,700
Payment for a favourable lease; lease term of 10 years $14,400
Required - Based on the information provided, calculate the total amount for Sheridan to report as intangible assets on its statement of financial position at December 31, 2020. Assume Sheridan uses IFRS to prepare its financial statements.