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  3. 700,000 the following costs are incurred during th

700,000 The following costs are incurred during the research and development phases of a laser...

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Accounting

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700,000 The following costs are incurred during the research and development phases of a laser bone scanner Laboratory research aimed at discovery of new knowledge $800,000 Search for application of new research findings 400,000 Salaries of research staff designing new laser bone scanner 1,200,000 Material, labor and overhead costs of prototype laser scanner 850,000 Costs of testing prototype and design modifications 450,000 Engineering costs incurred to advance the laser scanner to full production stage (technological feasibility reached) Identify which of these are research phase items and will be immediately expensed under GAAP and IFRS. GAAP IFRS $1,200,000 $1,200,000 $2,400,000 $1,400,000 $4,400,000 $4,400,000 $4,400,000 $3,700,000

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