Consider an Itō process $X_t=x+\int_0^tφ(s)dBs+\int_0^tφ(s)ds$. Could you apply the usual version of Itō formula to get an expression of the stochastic process {$|X_t-x|,t∈[0,t]$} as an Itō process?
If your answer is yes, explain briefly the reasons. If your answer no, could you propose some ideas to solve the problem?