Exercise 12-3

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Cullumber Electric Inc. has the following amounts included in its general ledger at December 31, 2020:

Organization costs$35,400Purchased trademarks18,200Development phase activities (meet all six development phase criteria)30,700Deposits with advertising agency for ads to promote goodwill of company8,400Excess of cost over fair value of identifiable net assets of acquired subsidiary80,500Cost of equipment acquired for research and development projects; the equipment has an alternative future use124,000Costs of researching a secret formula for a product that is expected to be marketed for at least20years74,700Payment for a favourable lease; lease term of 10 years15,300

(a)

Based on the information provided, calculate the total amount for Cullumber to report as intangible assets on its statement of financial position at December 31, 2020. Assume Cullumber uses IFRS to prepare its financial statements.

Total amount of intangible assets to be reported$enter the Total amount of intangible assets to be reported $________________