Study the list of items below. Indicate whether each item should be capitalized as an intangible asset or expensed and state which account(s) it would be recorded in. Do not rewrite the items, record the letters a) to r) and write your answer next to each. a) Salaries of research staff, b) Executive salaries for time spent on development of an intangible asset. c) Costs to launch a new product. d) Purchase cost of a patent from a third party. e) Product research costs. f) Purchase price of new software. g) Training costs for use of new software. h) Costs incurred in forming a company for purposes of commercializing a new product. i) Operating losses incurred in the start-up of a company to manufacture a patented product. j) The purchase cost of a franchise. k) Legal costs incurred in securing a patent 1) Product development costs, all development phase criteria met. m) Consulting fees paid to a third party for advice on a research project. n) The cost of an annual update on the payroll software. o) Materials consumed in research projects. p) General borrowing costs on the company's line of credit. q) Cost internally incurred to generate goodwill. 1) Cost to test prototypes that are still at the development stage. (9 marks) Nature's Best Ltd. produces organic aromatherapy hand soaps and bath oils to retail health stores. The company purchased the trademark and patented recipes for this unique line of soaps and oils called Aromatic Organica, five years ago for $20,000. Each type of soap or oil is made from a secret recipe only known to the head chemist at Nature's Best who distributes the ingredients for each type of soap or oil to small groups of workers who then combine the unknown ingredients into a small batch if a particular type of soap or oil. These are then packaged and shipped to fill each order placed by the retail stores through the colourful and user- friendly website developed by Nature's Best. Required: Identify any intangible assets that may appear on the company's statement of financial position