During the year to 31 December, 20X8 X Co incurred $200,000 of development costs for a new product. In addition, X Co spent $60,000 on 1 January 20X8 on machinery specifically used to help develop the new product and $40,000 on building the brand identity. Commercial production is expected to start during 20X9.

What value should be included within Intangible Assets in respect of the above in X Co's Statement of Financial Position as of 31 December 20X8?

Prepare extracts of X Co's Financial statements for the year ended 31 December 20X8 reflecting the above information.