Required information [The following information applies to the questions displayed below] Janson Pharmaceuticals incurred the following costs in 2024 related to a new cancer drug: Research for new formulas Development of a new formula Legal and filing fees for a patent for the new formula $ 2,465,000 1,640,000 64,000 $4,169,000 Total The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new drug was patented before the end of the 2024 fiscal year. 2.Calculate the amount of research and development expense Janson should report in its 2024 income statement related to this project. Assume that Janson prepares its financial statements according to International Financial Reporting Standards. Research and development expense
Required information [The following information applies to the questions displayed below] Janson Pharmaceuticals incurred the following costs in 2024 related to a new cancer drug: Research for new formulas Development of a new formula Legal and filing fees for a patent for the new formula $ 2,465,000 1,640,000 64,000 $4,169,000 Total The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new drug was patented before the end of the 2024 fiscal year. 2.Calculate the amount of research and development expense Janson should report in its 2024 income statement related to this project. Assume that Janson prepares its financial statements according to International Financial Reporting Standards. Research and development expense
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information
[The following information applies to the questions displayed below.]
Janson Pharmaceuticals incurred the following costs in 2024 related to a new cancer drug:
$ 2,465,000
1,640,000
64,000
$ 4,169,000
Research for new formulas
Development of a new formula
Legal and filing fees for a patent for the new formula
Total
The development costs were incurred after technological and commercial feasibility was established and after the future
economic benefits were deemed probable. The project was successfully completed and the new drug was patented
before the end of the 2024 fiscal year.
2. Calculate the amount of research and development expense Janson should report in its 2024 income statement related to this
project. Assume that Janson prepares its financial statements according to International Financial Reporting Standards.
Research and development expense](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9866fef6-73ac-488e-96f3-43ae45b8c1dc%2F9780a398-255b-4c0a-a229-363631c14271%2Fdr02ea5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:0
Required information
[The following information applies to the questions displayed below.]
Janson Pharmaceuticals incurred the following costs in 2024 related to a new cancer drug:
$ 2,465,000
1,640,000
64,000
$ 4,169,000
Research for new formulas
Development of a new formula
Legal and filing fees for a patent for the new formula
Total
The development costs were incurred after technological and commercial feasibility was established and after the future
economic benefits were deemed probable. The project was successfully completed and the new drug was patented
before the end of the 2024 fiscal year.
2. Calculate the amount of research and development expense Janson should report in its 2024 income statement related to this
project. Assume that Janson prepares its financial statements according to International Financial Reporting Standards.
Research and development expense
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