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Question - The following transactions involving intangible assets of BBA Corporation occurred in 2022.
(a) On 1 January 2022, BBA paid PA Company $500,000 for the exclusive right to market a particular product, using the PA name and logo in promotional materials. The franchise runs for as long as BBA is in business.
(b) Since 1 January 2022, BBA started a project to develop a new manufacturing process, but economic viability is not achieved until 1 August 2022. The new manufacturing process has been completed and put in use on 30 September 2022. BBA has incurred $630,000 for the project from 1 January to 30 September 2022, assuming that the expenditure are spent evenly throughout the period. No foreseeable limit is expected on the useful life of this new manufacturing process.
(c) On 1 January 2022, BBA acquired a patent on account for a product design process at a cost of $240,000. The patent runs for 20 years. The product design process will be useful to BBA for 10 years.
Advise the accounting treatments for each of the transactions above during 2022. Each financial year ends on 31 December.
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