Financial Accounting
Financial Accounting
3rd Edition
ISBN: 9780078025549
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
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Chapter E, Problem E.7E

1.

To determine

To Explain: The method of reporting the research cost of $200,000 and development cost of $500,000 under the GAAP.

2.

To determine

To Explain: The method of reporting the research cost of $200,000 and development cost of $500,000 under the IFRS.

3.

To determine

To Explain: The effect of research cost and development cost on income statement and balance sheet under the GAAP and IFRS.

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Relevant Costing Explained; Author: Kaplan UK;https://www.youtube.com/watch?v=hnsh3hlJAkI;License: Standard Youtube License