Use the same information in BE11-19 and assume that Dimension Pharmaceuticals is an IFRS reporter. Prepare the
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Use the same information in BE11-19 and assume that Dimension Pharmaceuticals is an IFRS reporter. Prepare the journal entry required to record Dimension's research expenditures for the year. Assume that projects developed by planning and design consultants meet conditions for capitalization. The equipment was acquired on January 1.
Data from BE11-19
Dimension Pharmaceuticals paid cash for the following to fund its research activities: testing materials and supplies, $600,000; research consultants, $100,000; planning and design consultants, $135,000; and general-purpose laboratory equipment, $950,000.
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Related Book For
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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