Reference no: EM132782383
Wildhorse Electric Inc. has the following amounts included in its general ledger at December 31, 2020:
Organization costs $35,500
Purchased trademarks 18,100
Development phase activities (meet all six development phase criteria) 29,600
Deposits with advertising agency for ads to promote goodwill of company 8,300
Excess of cost over fair value of identifiable net assets of acquired subsidiary 80,600
Cost of equipment acquired for research and development projects; the equipment has an alternative future use 125,200
Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years 75,200
Payment for a favourable lease; lease term of 10 years 15,900
Problem (a) Based on the information provided, calculate the total amount for Wildhorse to report as intangible assets on its statement of financial position at December 31, 2020. Assume Wildhorse uses IFRS to prepare its financial statements.
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