Reference no: EM132807940

Blossom Electric Inc. has the following amounts included in its general ledger at December 31, 2017:

Organization costs $34,700

Purchased trademarks 18,500

Development phase activities (meet all six development phase criteria) 31,500

Deposits with advertising agency for ads to promote goodwill of company 7,700

Excess of cost over fair value of identifiable net assets of acquired subsidiary 81,100

Cost of equipment acquired for research and development projects; the equipment has an alternative future use 125,300

Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years 75,900

Payment for a favourable lease; lease term of 13 years 14,900

Problem 1: Based on the information, calculate the total amount for Blossom to report as intangible assets on its statement of financial position at December 31, 2017. Assume Blossom uses IFRS to prepare its financial statements.