st.417 Exam \$22 NJ v1 Question 13 of 19 View Policies Current Attempt in Progress Sheridan Electric Inc. has the following amounts included in its general ledger at December 31, 2020: Organization costs Purchased trademarks Development phase activities (meet all six development phit criteria) 18,000 Deposits with advertising agency for ads to promote goodwall of cornpany 29.900 Excess of cost ovec fair value of identifiable net assets of acquired vubsidiary 8,200 Cost of equipment acquired for research and development projects the equipment has an alternstive future use Costs of rescaris Costs of rescarchins a secret formula for a prodict this is expected to be marketed for at least 20 years 15,700 Payment for a favourable lease. lease term of 10 years 14,400 (a) Costs of researching a secret formula for a product that is 75,700 Payment for a favourable lease; lease term of 10 years 1 (a) Based on the information provided, calculate the total amount for $ heridan to report as intangible assets on its statement of financial position at December 31,2020. Assume Sheridan uses IFRS to prepare its financial statements. Total amount of intangible assets to be reported