Mighty Corporation incurred the following costs in 2021: Acquisition of R&D equipment with a useful life of 4 years in R&D projects P500,000 Start-up costs incurred when opening a new plant 140,000 Advertising expense to introduce a new product 700,000 Engineering costs incurred to advance a product to full production stage (economic viability not achieved) 400,000 What amount should Mighty record as research & development expense in 2021? P 525,000 O P 900,000 O P1,040,000 O P 640,000 The general ledger of Mighty Corporation as of December 31, 2021, includes the following accounts: Copyrights P 30,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Bond sinking fund 70,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 390,000 Trademarks 120,000 In the preparation of Mighty's statement of financial position as of December 31, 2021, what should be reported as total intangible assets? O P540,000 O P510,000 O P537,000 OP567,000