User Account

All Pages

Record the journal entries at the end

Assignment Help Accounting Basics
Reference no: EM132885711

Question - On December 30, 2020, the Oxford-AstraZenecaAstraZeneca Costs Amount vaccine was approved for use in the UK. On that date, the vaccine's manufacturer, , progressed through the additional development procedures necessary to gain approval in the USA. Throughout 2021, management incurred the following development costs in the process to obtain the approval of the US Food and Drug Administration (FDA):

Providing safety information for review to FDA $1,600,000

Designing vaccination containers in line with FDA's requirements $17,000,000

Cost of personnel responsible for administrating the vaccine in the USA $6,000,000

Cost to educate its sales force and perform market research in the USA $15,000,000

Based on your expertise in IAS 38:

Required -

1. Advise AstraZeneca on whether or not the development costs spent in 2021 meet the criteria for capitalization under IAS 38.

2. Record the journal entries at the end of 2021.

Reference no: EM132885711

Questions Cloud

Administration of the company benefits : A company now has more than 60 employees. The controller has been handling all of the HR functions, including administration of the company's benefits.
Compare historical cost principle and current market value : Compare and contrast the historical cost principle and current (fair) market value. Is knowledge of an asset's current market value ever useful
Aspects of public personnel management : Question 1: What aspects of public personnel management will play the greatest influence in determining how local governments are able to effectively serve resi
Recommendations and solutions of challenges : a) What are the challenges faced by HR managers of Big brothers Big sisters Canada in training & development of Child and youth worker, fundraising and in s
Record the journal entries at the end : Cost to educate its sales force and perform market research in the USA $15,000,000. Record the journal entries at the end of 2021
Internet and related forms of information technology : Describe how the Internet and related forms of information technology might serve as substitutes for leadership.
Discuss importance of turning individuals in team players : 3. Team players are indispensable human assets of many organizations, and these organizations would want to make sure that they are available when their service
Evaluation of the security guard training program : A) Discuss how evaluation of the security guard training program could be done using Kirkpatrick's model.
Managing safety and breaks and setting schedules : Robert is a supervisor at a large bottling company. His job includes managing safety and breaks and setting schedules for his twenty-five employees who use

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find what would be the expected share price

The underwriting spread is 5% and other direct financing expenses are $200,000. Based on this new information, what would be the expected share price?

  How will prime corporation determine the cost basis

How will Prime Corporation determine the cost basis of the assets it receives from Bass Corporation?

  Review problem-ex-post cost of borrowing

Ex-Post Cost of Borrowing. Many firms in many countries borrow at nominal costs that later prove to be very different. For example, Deutsche Bank recently.

  Prepare the journal entry for the purchase of the machine

The company purchased a machine on 1 January 2018. Prepare the journal entry for the purchase of the machine. Calculate the depreciation expense for the year

  Explaining recording process and the accounting equation

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.

  What is difference between the coupon rate and market rate

What is the difference between the coupon rate and market rate? What is the Time Value of Money and how does it relate to valuation of bonds

  Prepare journal entries to summarize all transactions

Prepare journal entries to summarize all transactions in which the district engaged

  What is sandeep outside basis in the partnership interest

Sandeep is a 50% partner in ABC Partnership. At the beginning of the tax year, Sandeep's outside basis was $50,000, including his share of partnership.

  Prepare the necessary journal entries to account

Assuming that the US Corp. has a December 31 year end, prepare the necessary journal entries to account for the series of transactions involving the purchase

  Find personnel costs on the basis of number of employees

Longworth allocates personnel costs on the basis of number of employees and custodial costs on the basis of square feet.

  What is the predetermined overhead rate

A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate

  What you have learned about deductions

Given what you have learned about deductions, do you believe that a multimillionaire can minimize his or her taxes to effectively pay less than a person making.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd