1 .Gamma Corporation spent $120,000 on research and $80,000 on development during the year to 31 March 2016. The research and development (R&D) team has ascertained the fulfilment of criteria to recognize development cost as an intangible asset. Therefore, it will be amortised over five years on a straight-line basis with a zero residual value. Determine with workings how much total R&D costs are to be recognised as an expense in the year to 31 March 20X6.

2 . Lambda Corporation purchased an item of property, plant, and equipment for $30m on 1 June 2015 and depreciated over its useful life of 8 years on a straight-line basis. On 1 January 2018, the assets remaining life was revised to 4 years. Calculate all the relevant amounts to be shown in the financial statements of Lambda Corporation for the year ended on 31 December 2018.

note - please give proper explanation