Learning examples 5: Development Co incurs the following expenditure in years 20x1 - 20X5. Research Development $ 20X1 35,000 55,000 20X2 65,000 20X3 20X4 20X5 38,000 The development expenditure meets the IAS 38 criteria that require capitalisation ( 'PIRATE ). The item developed in 20X1 and 20X2 goes on sale on 1.1X3 and it will be three years from then until any competitor is expected to have a similar product on the market. Required Show statement of profit or loss and statement of financial position extracts for the years 20X1 - 20X5 inclusive