X Your answer is incorrect. Sunland 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 phase criteria) Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of identifiable net assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years Payment for a favourable lease; lease term of 10 years $35,300 18,600 29,900 7,700 80,000 124,000 76,000 15,200 (a) Based on the information provided, calculate the total amount for Sunland to report as intangible assets on its statement of financial position at December 31, 2020. Assume Sunland uses IFRS to prepare its financial statements. Total amount of intangible assets to be reported $ 48500