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Prepare the relevant financial statement extracts

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Reference no: EM132931939

An entity is currently conducting research and development of a new product. During 2018, the entity incurred research cost of $750 million. However, during April 1, 2018 to June 30, 2018, the entity incurred development cost of $150 million and an additional $50 million from July 1, 2018. It was also ascertained by management that the product has reached technical, financial and commercial feasibility as of July 1, 2018. Similar intangible assets are amortized over ten years.

Required:

Problem a. Briefly discuss the treatment of the above costs.

Problem b. Prepare the relevant financial statement extracts as at and for the period ended December 31, 2018.

Reference no: EM132931939

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