Exercise 12-03 a

Joni Skysong Inc. has the following amounts reported in its general ledger at the end of the current year.

Organization costs$23,700Trademarks15,500Discount on bonds payable36,700Deposits with advertising agency for ads to promote goodwill of company11,700Excess of cost over fair value of net identifiable assets of acquired subsidiary76,700Cost of equipment acquired for research and development projects;

the equipment has an alternative future use86,700Costs of developing a secret formula for a product that is expected

to be marketed for at least 20 years82,400

(a)

On the basis of this information, compute the total amount to be reported by Skysong for intangible assets on its balance sheet at year-end.

Total amount reported for intangible assets$