2 ABC Lad has three intangible items at 30 June 2021 and additional information of such intangible items is as below: Brand names ABC Lad spent considerable resources developing a brand name with a total cost $60,000 for the last two years. The Managing Director believes that the brand name can be used for 10 years with no residual value and the current value of the brand name is $120,000. Goodwill: On 1 July 2015. ABC Lad spiced a company and recognised goodwill $310,000. The Managing Director estimated the economic benefits associated with the goodwill are expected to last for 10 years and decided to amortise goodwill on the straight-line basis Research and development asset The research and development set relates to a new type of three-finned surfboard. During the research phase, an expenditure of 180.000 was incurred. The following expenditure was incurred in the development phase: $120,000 on testing and refining a certain type of fin, and $250,000 on developing and teeing a prototype of the there-firmed board. The development costs met the test for capitalisation as required in AASB 138. As at 30 June 2021, the estinuted recnaalde out of this project is $400,000. There is expected to be a very large market for the product and profitable sales are expected for a total of five years afher commercial production is scheduled to commence in September 2021. Some of the treatments by ABC Lad muy be inconsistent with the accounting standards AASB 138 "Intangible Assets" REQUIRED Brand name Brand name should be initially recognised as an became What is the appropriate measurement basis for subsequent measurement of the brand name? Carrying amount of the brand name at 30 June 2021 Goodwill: Goodwill should be initially recognised as an because because