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AstroTech Semiconductor incurred the following costs in 2021 related to a new product design: 14. Iesearch for a semiconductor design Development of the new product Leqal and ruling fees for a patent for the new design Total 52.320,000 756.030 101.000 $3,167,000 3 points 01323 The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed, and the new product was patented before the end of the 2021 fiscal year. Required: 1. Calculate the amount of research and development expense (R&D) Astrotech should report in its 2021 U.S. GAAP income statement related to this project. 2. Repeat Requirement 1 assuming that AstroTech prepares its financial statements according to International Financial Reporting Standards (IFRS) Book 1 Research and development expense under US GAAP 2. Research and development expense und IFRS
Help Save & Exit Subm 13 Mad Hatter Enterprises purchased new equipment for $369,000, terms fo.b. shipping point. Other costs connected with the purchase were as follows: 3 points State sales tax Freight costa Ensurance while in transit Insurance after equipment placed in service Installation coats Insurance for the first year of operations Testing 529,600 6.000 340 1.240 2,200 2,500 740 8 01:32 Required: Determine the capitalized cost of the equipment. eBook Cost of equipment