Sandhill Electric Inc. has the following amounts included in its general ledger at December 31,...
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Sandhill Electric Inc. has the following amounts included in its general ledger at December 31, 2020: Organization costs $34,800 Purchased trademarks 18,100 Development phase activities (meet all six development phase criteria) 31,400 Deposits with advertising agency for ads to promote goodwill of company 7,900 Excess of cost over fair value of identifiable net assets of acquired subsidiary 80,300 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 124,800 Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years 75,500 Payment for a favourable lease; lease term of 10 years 14,800 (a) Based on the information provided, calculate the total amount for Sandhill to report as intangible assets on its statement of financial position at December 31, 2020. Assume Sandhill uses IFRS to prepare its financial statements. Total amount of intangible assets to be reported $
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