La Scan is involved in a research and development project to create a filtering window that removes the need for curtains. For the current year ended 30 June 2020 expenditure on the project is as follows:

Research

470 000

Development

700 000

The window is expected to earn revenues of $140 000 per year for the 10 years commencing 1 July 2020. Assuming straight-line method used for amortization of development expenditure, how much of the research and development cost should be expensed as at 30 June 2020 and what amount should be amortized in the year ended 30 June 2021? Additionally, you are required to show the journal entries for amortization for year ending 30 June 2021? The appropriate discount rate is 8 %.