Langrova SpA has the following amounts reported in its general ledger at December 31, 2022.

Organization costs ................................................................................. €24,000
Trademarks ............................................................................................ 20,000
Bonds payable ...................................................................................... 35,000
Deposits with advertising agency for ads to promote
goodwill of company ............................................................................ 10,000
Excess of cost over fair value of net identifiable assets of
acquired company ................................................................................ 75,000
Cost of equipment acquired for research and development
projects; the equipment has an alternative future use .................... 90,000
Costs of developing a secret formula for a product that is
expected to be marketed for at least 20 years (all research
phase) .................................................................................................... 70,000

Instructions

a. On the basis of the information above, compute the total amount to be reported by Langrova for intangible assets on its statement of financial position at December 31, 2022. As noted, the equipment has alternative future use.

b. If an item is not to be included in intangible assets, explain its proper treatment for reporting purposes.