Blanco Chemical Company spent €15,000,000 in development efforts to create a fertilizer for which it was able to obtain a patent;however,the expected distribution costs make it infeasible to market the chemical in the foreseeable future. According to IAS 38 (Intangible Assets) ,how should Blanco Chemical Company record the €15,000,000?
A) as a "Deferred Development Cost" on the Balance Sheet
B) as "Fertilizer Revenue" on the Income Statement
C) as "Development Expense" on the Income Statement
D) It should only be reported in the notes to the financial statements.
Correct Answer:
Verified
Q8: What is the basis for choosing depreciation
Q9: Use the following to answer questions:
The following
Q10: As defined by IAS 38,how are intangible
Q11: Which of the following items should be
Q12: Use the following to answer questions :
The
Q14: Use the following to answer questions :
The
Q15: The following inventory information was taken form
Q16: According to IAS 16,a decrease in the
Q17: Which of the following is generally true
Q18: In an Ernst and Young 2005 survey
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents