Question: Papa-P Company directed its IT team to develop its own website wherein customers can place orders and will facilitate swift response to customer's inquiries

Papa-P Company directed its IT team to develop its own website wherein

customers can place orders and will facilitate swift response to customer's inquiries

Papa-P Company directed its IT team to develop its own website wherein customers can place orders and will facilitate swift response to customer's inquiries as well. The development took four months to complete up to May 30, 2021. Papa-P incurred the following costs from Day 1 up to May 30, 2021: Market research, P15,000; Computer equipment, P35,000; Cost of domain name, P15,000; Applications used on the web server, P50,000; Stress testing, P5,000; Website layout design, P40,000; Security applications installed, P25, 000; Seminars and training for website maintenance of IT staff, P20,000; Uploading of website contents, P30,000 1.How much website cost should be presented as part of intangible assets in the statement of financial position of Papa-P as of December 31, 2021? 2. If the website is developed solely for promoting and advertising Papa-P's products, how much should be capitalized in the statement of financial position of Papa-P?

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