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Explain the accounting treatment for each of the transaction

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Reference no: EM132756503

Redland Bhd spent the following amounts in research and development work for their new production process.

i. RM180,000 to develop a new process (economic viability is not achieved).
ii. RM55,000 in legal fees to obtain a patent.
iii. RM91,000 to promote the process that was patented.

REQUIRED:

Problem 1: Explain the accounting treatment for each of the above transactions.

Reference no: EM132756503

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