A consulting services entity wins a tender process to provide consulting services to a new customer. The contract is for two years with an option for the entity to extend the contract for another year. The entity intends on exercising this option. The entity incurs the following costs to obtain the contract $ Legal fees lodging tender Travel costs to deliver proposal Sales commission to employees for obtaining the contract Total costs incurred 25,000 20,000 12,500 57,000 As part of the agreement with the lawyer involved in preparing the tender, $10,000 is payable only upon the tender being successful. What amount should the entity recognise as an asset for the incremental costs of obtaining the contract? The amount the entity should recognise as an asset for the incremental costs of obtaining the contract