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What is the amount that should be capitalised

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Question - Baxter undertook research to develop a vaccine. It incurred the following expenditure on the project:

Research expenditure $ 25,000 as at 31 July 2017. The research resulted in a unique formula for the drug.

Costs incurred to develop the drug from the unique formula as at 31 March 2018

(1) Salary to staff exclusively working on the new formula - $20,000

(2) Chemicals used to manufacture the sample drug - $16,000

(3) Testing the new drug - $14,000

Required - What is the amount that should be capitalised as an intangible asset for the year ended 31 March 2018?

Reference no: EM133173681

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