Reference no: EM132933511
Questions -
Q1. Earth Company incurred the following costs during the current year Laboratory research aimed at discovery of new knowledge Design of tools , jigs , molds and dies involving new technology Quality control during commercial production including routine testing Equipment acquired two years ago, having an estimated useful life of five years with no residual value used in various Rand Projects Research and development services performed by Star Company for Earth Company Research and development services performed by Earth Company for Moon Company What amount of research and development expense should be reported in the current year?
Q2. Road Co. has the following assets as, at the reporting date (stated at fair values less costs sell) Land used to grow agricultural crops 3,000,000
Herd of cattle grown to be butchered for their meat 1,200,000
Fruit trees grown to produce fruits for sale 800,000
Rice plants grown to produce rice for sale 600,000
How much is the total biological assets to be accounted for under PAS 41?
Q3. An entity incurred the following research and developments costs in the current year
Materials used in research and development projects 400,00
Equipment acquired that will have alternate future use in future research and development projects 2,000,000 Depreciation on above equipment 500,000
Personnel costs of persons involved in research and development projects 1,000,000
Consulting fees paid to outsiders for research and development project 100,000
Indirect costs reasonably allocable to research and development projects 200,000
What amount of research and development costs should be expensed in the current year?
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