Refer to the facts in problem P9-38.

Data from P9-38

Due to concerns with climate change resulting from rising levels of carbon dioxide and other greenhouse gases, many companies and organizations have been seeking alternative energy sources (i.e., other than from burning hydrocarbons). To encourage the development of green technology in the manufacturing sector, the Ontario government introduced significant incentives for companies to engage in research, development, and production of equipment that produces power from alternative sources. The subsidies amount to 40% of research and development costs and 20% of production costs for the alternative power generators. Qualifying production costs include materials, labour, as well as capital costs required for facilities and equipment that are dedicated to the manufacture of the new alternative power generators. Production costs that do not meet this criterion do not qualify for the subsidy. Furthermore, a recipient of subsidies on capital costs can only retain the portion that is proportional to the length of time the plant or equipment are used for qualifying production; the remainder must be repaid to the government.
New Solar Inc. is a company that specializes in the production of equipment that captures solar energy. In response to the government incentives, the company spent $20 million on research in 2011 and a further $30 million in 2012 on developing a new solar technology. Out of the $30 million, the company had determined that $12 million satisfy the six criteria for the capitalization of development costs. In 2013, the company built a plant to produce the new solar power generators at a cost of $100 million and installed production equipment at a cost of $60 million. Production of the new power generators began in early 2014. The company expected the plant to be operational for 20 years and the manufacturing equipment to last 10 years, after which they would be replaced. The company expects the technology it has developed to remain competitive for 20 years. (All dollar amounts just presented do not include the effect of any government subsidies.)
Initially, demand for the new generators was modest, but picked up by 2016. However, by 2018, demand began to drop off drastically due to competition from other technologies. The government subsidy program was so successful that a number of different solar, wind, tidal, and other power generation technologies had been developed and were economical. By early 2020, New Solar determined that it could no longer produce its solar power generators profitably and converted the plant to manufacture other products. As a result, it wrote off the balance of the development costs.
New Solar has a December 31 fiscal year-end, uses the straight-line method to depreciate/amortize its plant, equipment, and intangible assets, with a full year of depreciation/amortization recognized in the year of acquisition. The company uses the net method to record government subsidies.

Assume that New Solar is a private entity and applies ASPE. Prepare the schedules and journal entries as required in problem P9-38.

REQUIRED:

a. Prepare three schedules, one each for plant, equipment, and intangible assets, showing the year-end cost, accumulated depreciation/amortization, and net carrying value covering the period from 2011 to 2020.
b. Record the journal entries for the transactions and events in 2011, 2012, 2013, 2014, and 2020.