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Required:

Compute for the amount to be capitalized as intangible assets

Exercise 1 Extracts from the financial records of ABC Inc. for the year ended 2019 are as follows: Goodwill generated by the company due to an exceptional employee workforce Undeterminable Advertising expenditure to generate goodwill for the company upon its start-up P30,000 Goodwill acquired in a business combination 200,000 Patent acquired from another business 130,000 Customer lists 40,000 Miscellaneous research expenses 50,000 Development expenses demonstrating 5 out of 6 criteria in PAS 38 par. 57 160,000 Development expenses demonstrating 6 out of 6 criteria in PAS 38 par. 57 270,000 In-process R&D costs acquired in a business combination at fair value 180,000 Intangible asset acquired through a government grant, at fair value 90,000 Equipment acquired for use in various R&D projects 975,000 Depreciation on the above equipment 135,000 Cost of materials used in R&D projects 200,000 Compensation for R&D personnel 500,000 Outside consulting fees 150,000 Indirect costs allocated to the R&D 250,000 Legal costs to file a patent on a certain product; production of which would not have been undertaken without the patent 100,000 Special equipment to be used solely for the development of the product mentioned above; the equipment has no other use and has a useful life of 4 years 600,000 Labor and material costs incurred in producing prototypes 2,000,000 Cost of testing the prototype 800,000 Required Compute for the total amount of intangible assets to be recognized and the amount to be immediately