Question 1: Intangible Asset [ 3 Marks] Brilliant Ltd acquires copyrights to the original recordings of a famous singer. The agreement with the singer allows the company to record and re-record the singer for five years. During the initial six month period of the agreement, the singer is very sick and consequently cannot record. The studio time that the company blocked had to be paid even during the period the singer could not sing. The following are the costs were incurred by the company: A. Legal cost of acquiring the copyrights - $11million B. Operational loss (studio time lost, etc.) during start-up period - $3 million C. Massive advertising campaign to launch the artist -$2 million Required: Discuss which of the above cost from (A-C) is eligible to be recognized as an intangible asset using IAS 38?