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Question 1 The financial controller has supplied you with the following information. (a) In its financial statements for the year ended 30 June 2019 S Ltd correctly applied the provisions of IAS 38, Intangible Assets. (b) S Ltd spent the following amounts on research and development in the year ended 30 June 2020. General research expenditure 51,200 Project X: Development expenditure 101,300 Pre-launch testing costs (February 2020) 6,350 Staff training (April 2020) 15,100 173,950 The following dates are relevant to Project X and its product, the Grande: 1 October 2018 1 May 2019 Project commenced Project considered to have led to a technically feasible and commercially viable product, the Grande. Development expenditure totalled 52,200 Development expenditure ceased The Grande launched 30 June 2019 31 March 2020 1 April 2020 The Grande is selling well. It is expected that the Grande will have a useful life of three years from the launch date before it is superseded. S Ltd also purchased a machine for use in Project X and then in subsequent production of the Grande. The machine cost 69,000 on 1 July 2019 and has a five-year useful life. All development expenditure accrued evenly over the relevant year, except where indicated. S Ltd wishes to capitalise the maximum amount possible. (c) On 1 March 2020 S Ltd paid 480,000 for a patent. This allows S Ltd sole use of new technology for five years, which will allow it expand its manufacturing capacity. Requirement Prepare the note to the financial statements for the year ended 30 June 2020 showing the movements on intangible assets. A total column is not required. (9 marks)