Resilient Ltd has incurred development costs as follows during the year ended $31$ December $20$X$3$:

$3$ months ended $31$ March $$120,000$

$3$ months ended $30$ June $$240,000$

$3$ months ended $30$ September $$190,000$

$2$ months ended $30$ November $$50,000$

The development project met the IAS $38$ recognition criteria on $1$ July $20$X$3,$ and commercial sales of the output commenced $1$ December $20$X$3.$ Resilient expects the development project to result in sales for $10$ years.

What amount is recognised in profit or loss in respect of the project in the year ended $31$ December $20$X$3?$Resilient Ltd has incurred development costs as follows during the year ended $31$ December $20$X$3$:

$3$ months ended $31$ March $$120,000$

$3$ months ended $30$ June $$240,000$

$3$ months ended $30$ September $$190,000$

$2$ months ended $30$ November $$50,000$

The development project met the IAS $38$ recognition criteria on $1$ July $20$X$3,$ and commercial sales of the output commenced $1$ December $20$X$3.$ Resilient expects the development project to result in sales for $10$ years.

What amount is recognised in profit or loss in respect of the project in the year ended $31$ December $20$X$3?$

Answer rating: 100% (QA)

The question is asking to calculate the amount recognized in profit or loss for the companys development project for the year ending on December 31 20... View the full answer