In 20x3. Margaret Manufacturing Company developed a new product to be marketed in 20x4. The following costs were incurred during 20x3: Development Departmental Costs: $350,000 Materials and Supplies Consumed: 120,000 Compensation Paid to Research Consultants: 250,000 Total costs: $720,000 These costs are expected to be totally recovered by 20x5. What amount should be recognized as an intangible asset in 20x3? Multiple Choice so $600,000 $350,000 Multiple Choice $0 $600,000 O $350,000 O $720,000