Bramble, Inc., a private company that applies ASPE, incurred $15,000 in materials and $12,500 in direct...

  

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Bramble, Inc., a private company that applies ASPE, incurred $15,000 in materials and $12,500 in direct labour costs between January and March 2017 to develop a new product. In May 2017, the criteria required t capitalize development costs were met. A further $48,000 was spent for materials, $15,900 for direct labour costs, $2,700 for borrowing costs, and $69,300 for directly related legal fees. Prepare the appropriate journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (Bramble chooses to expense all costs.) (Bramble chooses to capitalize all costs.) Prepare journal entry if Bramble waere a public company following IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 use Bramble, Inc., a private company that applies ASPE, incurred $15,000 in materials and $12,500 in direct labour costs between January and March 2017 to develop a new product. In May 2017, the criteria required t capitalize development costs were met. A further $48,000 was spent for materials, $15,900 for direct labour costs, $2,700 for borrowing costs, and $69,300 for directly related legal fees. Prepare the appropriate journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (Bramble chooses to expense all costs.) (Bramble chooses to capitalize all costs.) Prepare journal entry if Bramble waere a public company following IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 use

Answer rating: 100% (QA)

As per IFRS All development phase expenditures must be capitalized if they meet the recognition crit... View the full answer