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What is the amount to be capitalised by this company

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Question -

a. Explain when development outlays can be capitalised.

b. 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?

c. Bankstown Limited was involved in a highly successful plastics manufacturing business. It commenced a project to design a more efficient extrusion system for its plastic pipes. The following outlays occurred: September: researcher salaries $30,000; October: research materials $40,000; November: re-development of the extrusion plant $250,000; December: final adjustments to the extrusion plant $25,000. What is the amount to be expensed by Bankstown Limited at the end of the financial year, 31 December?

Reference no: EM133048669

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