Reference no: EM132729809
Pharoah Electric Inc. has the following amounts included in its general ledger at December 31, 2020:
Organization costs $34,500
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 8,400
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 124,400
Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years 74,500
Payment for a favourable lease; lease term of 10 years 16,000
Problem 1: Based on the information provided, calculate the total amount for Pharoah to report as intangible assets on its statement of financial position at December 31, 2020. Assume Pharoah uses IFRS to prepare its financial statements.