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