Sweet Tooth Inc., a private company that applies ASPE, incurred $15,000 in materials and $12,000 in direct
Question:
Sweet Tooth Inc., a private company that applies ASPE, incurred $15,000 in materials and $12,000 in direct labour costs between January and March 2020 to develop a new product. In May 2020, the criteria required to capitalize development costs were met. A further $45,000 was spent for materials, $15,000 for direct labour costs, $2,000 for borrowing costs, and $72,000 for directly related legal fees. Discuss any options that may be available to Sweet Tooth for recording these expenditures. In addition, prepare the appropriate journal entries. How would your answer change if Sweet Tooth were a public company following IFRS?
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As a private company applying ASPE Sweet Tooth has the option to either recognize all costs of inter...View the full answer
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