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What is the amount to be capitalised by the company

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Reference no: EM132935784

Problem 1: Explain when development outlays can be capitalised.

Problem 2: Jameson Limited was involved in a mining exploration business. It commenced a project to design more efficient opal detecting equipment. The following expenditures occurred during the financial year ended 30 June 2022: researcher's salary $50 000; research consumables $30 000; re-development of the detecting equipment $40 000; final adjustments to the detecting equipment $12 500.

What is the amount to be capitalised by this company as an intangible asset for the 2022 financial year?

Reference no: EM132935784

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