Henna was incorporated on 1 January 20X6. At 31 December 20X6 the following costs had been incurred:(1) Legal fees incurred in establishing the entity USD80,000(2) Customer lists purchased from a company that has gone out of business USD100,000(3) Goodwill created by the company USD80,000(4) Patents purchased for valuable consideration USD70,000(5) Costs incurred by the company in developing patents USD60,000What is the total cost of intangible assets to be recognised in the statement of financial position of Henna at 31 December 20X6 in accordance with IAS 38 Intangible Assets?
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