Question 4 June 2020 River Cat Lid has started a company to undertake research and development of a new type of Eco River Jet. For this research and development (R & D), it incurred the following expenditure in Transaction Payment a Obtaining a general understanding of water flow Amount status dynamics $1,600 000 b. Understanding what local customers expect from a River Find Jet by Ferry operators $960 DOD Incurred c Testing and refining a certain type of River Jet $2,680 000 Incurred Developing and testing a full prototype of the River Jet, to be called the 'River King $6, DBD, 0CO Incurred e Marketing of the River Jet $3 840 OOD Paid It is expected that there is a large market for the Eco River Jet, which will generate millions of dollars in revenue On 1 July 2020, River Cat Lid acquired Cool Jet Lid for cash of $204,500,090. At that date, Cool Jet's net identifiable assets had a fair value of 5203,000,000 The fair value of the net identifiable assets of Cool Jet Lid is determined as follows. Customer list $1,750,DOO Machinery $50,750,000 Buildings $52,500,000 Land $105,000,000 $210, 000 00D Less Bank loan $7,090,000 $203,000,DO0 Net assets At the end of the reporting period of 30 June 2021, River Cat Lid determines that the recoverable amount of the cash generating und, which is considered to be Cool Jet Lil, totals $203,500,000. The carrying amount of the net identifiable assets of Cool Jet Lid, which excludes goodwill, has not changed since the acquisition and is $203 030 230. REQUIRED: According to AASB 138 Paragraph 56 how are the expenses incurred in research activities treated in accounting? (1 Mark) Prepare journal entries for each transaction from a to e above, following the requirements under AASH 138 (5 Marks) Calculate the amount for impairment of goodwill as at 30 June 2021 following the requirements under AAS0 3 and AASU 136 Pisuse snow all your calculations (" Mark) Prepare journal entries to record an impairment of goodwill as at 30 June 2021, (1 Mark) required