Claire Boucher entered into a franchise agreement with City Slippers. The franchise agreement has an initial term of $10$ years although Claire has the option to renew the agreement for an unspecified period of time. She incurred the following costs in setting up her new business: Purchase of patent on a unique foot measuring tool, legal life $15$ years, indeterminate service life $$45,000$ Excess of purchase price over fair value in acquisition of net assets of former building owner $35,000$ Initial franchise fee $25,000$ Cost of customer list purchased from nearby retail clothing store to be used during first $2$ years of operations $10,000$ Cost of city$-$wide grand opening advertising campaign $8,000$ Claire opened the store on November $1,2019.$ On October $31,2019,$ how much of the above costs would be reported as Intangible assets $($indefinite life$)$ on the balance sheet? How much would be reported as Intangible assets $($finite life$)$ on the balance sheet? a$.$ $$35,000$; $$88,000$ b$.$ $$60,000$; $$63,000$ c$.$ $$80,000$; $$35,000$ d$.$ $$60,000$: $$55,000$