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How much research and development should be expensed

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Question - During the year ended 30 June, 2018 Crackpot Ltd incurred the following expenditure in respect of a research and development project:

Research $150 000

Development $330 000

The project is expected to return profits of $280 000 over the next four years that is $70 000 per year starting from 1 July, 2018.

Crackpot uses a discount rate of 10%.

Required - How much research and development should be expensed in the year ended 30 June, 2018? How to account for that?

Reference no: EM133100777

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