Mondo Corporation has incurred various costs in 2016:

Acquisition of a patent, $50,000; legal fees in conjunction with the patent acquisition, $5,000; research and development costs, $10,000; and acquisition of a trademark, $20,000. What are the total intangible assets reported on the balance sheet at Dec.31,2016, assuming no intangible assets existed on Jan 1, 2016?

a. $85,000

b. $80,000

c. $75,000

d. $60,000