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How the expenditure would be treated for accounting

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ForeverYoung Ltd is involved in the research and development of a new type of anti-age face cream.

For the research and development of it, has incurred the following expenditure at 30 June 2016:

  1. $10 000 obtaining a general understanding of market for anti-age creams;
  2. $50 000 to study new chemicals substances and organic ingredients;
  3. $90 000 on preparation of a cream sample and the testing with testers.

After these activities, the company expects to reach a very large market for the product, which will generate thousands of dollars in revenue.

REQUIRED

Question 1) Determine how the expenditure would be treated for accounting purposes.

Reference no: EM132609222

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