Calculate the total amount for wildhorse to report

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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.

Reference no: EM132782383

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