Recognition of intangible assets LO3 Flash Ltd has the following: 1. an investment in a subsidiary

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Recognition of intangible assets  LO3 Flash Ltd has the following: 1. an investment in a subsidiary company 2. training costs associated with a new product 3. the cost of testing in search for product alternatives 4. legal costs incurred in securing a patent 5. long‐term receivables. Required Which of these should be included as an intangible asset in the accounts of Flash Ltd? Give reasons for your answer.

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