During the year ended 30 June 20X3, Emily Ltd spent GHS 300,000 on the development of a new range of garden machinery. In order to carry out this work, Emily Ltdpurchased some highly specialized equipment, on 1 July 20X2 at a cost of GHS 100,000. The equipment is expected to have a useful life of five years and is to be depreciated over that period by the straight-line method. According to IAS 38 Intangible Assets, what is the maximum amount that Emily Ltd can carry forward as development expenditure as at 30 June 20X3?

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