Reference no: EM132969053

Problem - Joni Skysong Inc. has the following amounts reported in its general ledger at the end of the current year.

Organization costs $23,700

Trademarks 15,500

Discount on bonds payable 36,700

Deposits with advertising agency for ads to promote goodwill of company 11,700

Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,700

Cost of equipment acquired for research and development projects; the equipment has an alternative future use 86,700

Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 82,400

Required - On the basis of this information, compute the total amount to be reported by Skysong for intangible assets on its balance sheet at year-end.