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Corona Medical Ltd located in Bundoora is involved in a research and development project to develop a vaccine for Covid-19 virus in Melbourne. For the current year ended 30 June 2020 expenditure on the project is as follows:
Research $900,000
Development $1000,000
This vaccine project is expected to return profits of $100,000 per year for the 10 years commencing 1 July 2020. Assuming the company uses a straight-line method amortisation. This company uses a discount rate of 8 per cent.
Required:
Problem i) How much research and development cost should be expensed in the year to 30 June 2020?
Problem ii) How much development expenditure should be amortised in the year to 30 June 2021?
Problem iii) Prepare the relevant journal entry/entries for amortization expenditure in year to 30 June
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