+ Ch 12: Homework Question 7 of 9 0/1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. Sheridan Electric Inc. has the following amounts included in its general ledger at December 31, 2020: Organization costs Purchased trademarks Development phase activities (meet all six development phase criteria) Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of identifiable net assets of acquired subsidiary Cost of equipment acquired for research and development projects: the equipment has an alternative future use Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years Payment for a favourable lease; lease term of 10 years $35,200 18,000 29,900 8,200 81,300 125,500 75,700 14,400 (a) Based on the information provided, calculate the total amount for Sheridan to report as intangible assets on its statement of financial position at December 31, 2020. Assume Sheridan uses IFRS to prepare its financial statements. Total amount of intangible assets to be reported 47900