The world’s Largest Sharp Brain Virtual Experts Marketplace Just a click Away
Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 401 Weeks Ago, 4 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
1. During 2009, Company A (the Company) began researching and developing a new product. On June 30, 2010, the Company acquired Pills.com, Inc. Additionally, the Company determined the new product and products being developed by Pills.com, Inc. were technologically feasible and developed a business plan, including identifying a ready market for the product and finding a commitment of resources to produce the product for market. The Company has tracked costs as follows:
|
Cost |
Amount |
|
Research costs (January ' June 2010) |
$13,000 |
|
Development costs (July ' December 2010) |
$ 8,000 |
|
Training costs |
$ 1,500 |
|
Legal fees for product patent |
$ 2,000 |
|
Preproduction costs |
$12,000 |
|
Marketing launch costs |
$ 7,500 |
Â
What amount will be included in intangible assets on the Company's December 31, 2010, financial statements prepared in accordance with IFRS? What amount will be reported as intangible assets using US GAAP?
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll