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Research of a patent for $40,000, development expenditure for $30,000 that is expected to be used in one year time. Development expenditure for $20,000 with its commercial use variable. What should be recorded in the Income statement and statement of financial position?
i think we should charge 40000 for research and if any the amount of amortization charge on development expenditure in SOCI and then we include development expenditure in SOFP under intangible non current asset. the amount charged in SOFP should be the after reducing it with the amortization to arrive at net book value
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