Public sector entity A is heavily involved in developing a new production process. In the year to $31$ March $20$X$1$ the amount of expenditure incurred on development could be analysed as follows:

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$$Euro$1$ April $20$X$0$ to $30$ September $20$X$018,4001$ October $20$X$0$ to $31$ March $20$X$16,50024,900$

On $1$ October $20$X$0$ Entity A demonstrated that the production process met the recognition criteria under IPSAS $31$ 'Intangible Assets' as an intangible asset. The amount estimated to be recoverable from the process is $21,000.$

At what value should the production process be recognised as an intangible asset at $31$ March $20$X$1$ in accordance with IPSAS $31?$