Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 4: top tech is developing a new productio

Question 4: Top tech is developing a new production process. During 203, it has incurred...

50.1K

Verified Solution

Question

Accounting

image

Question 4: Top tech is developing a new production process. During 203, it has incurred an expenditure of $100,000, of which $20,000 was incurred before 1 May 203 and $80,000 was incurred between 1 May 203 and 31 December 20X3. The entity is able to demonstrate that at 1 May 203, the production process met the criteria for recognition as an intangible asset. The recoverable amount of the know-how embodied in the process is estimated to be $90,000 at 31 December 203. During 20X4, additional expenditure of $130,000 has incurred. The project was completed on 30 June 20X4 and is expected to generate economic benefits over 3 years. Required: Show how the above transactions will be recongised in the financial statements for the years ended 31 December 203 and 204

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

Given that OM ON and XZ BC find m XMZ Z X RM 6x 69...

Chemistry
1.2K views

A. Give an example of a Arrhenius, Brønsted-Lowry, and Lewis acid respectively, and show why they...

Chemistry
1.2K views

Match the correct term with the description: Terms: Metal ion indicator, acid-base indicator, auxiliary complexing agent, direct,...

Mechanical Engineering
1.2K views

You are to manufacture a smart phone case, material selection question below: Speicfy the details of the...

Physics
1.2K views

T m 1 A mg cot 2 B mg cot 0 C mg tan 0...

Basic Math
1.2K views

Solve the following equation. Be sure to check your proposed solution by substituting it for...

Basic Math
1.2K views

17. The half-life of the radioactive element plutonium-239 is 25,000 years. If 16 grams ofplutonium-239...

Calculus
1.2K views

Verify the identity 1 cos B 1 cos Expand the product and then use a...

Accounting
1.2K views

1. calculate the expected cash collections for April, May, June and for...

Accounting
1.2K views

Donner Company began its operations in September of the current year. During September, the company...

Accounting
1.2K views

Schickel Inc. usa regularmente el material B39U y actualmente tiene en existencia 457 litros del...

Accounting
1.2K views

A machine with a purchase price of R418 000 is estimated to eliminate manual operations...