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Blanco Chemical Company spent 15,000,000 in development efforts to create a fertilizer for which it was able to obtain a patent, however, the expected distribution
Blanco Chemical Company spent 15,000,000 in development efforts to create a fertilizer for which it was able to obtain a patent, however, the expected distribution costs make it infeasible to market the chemical in the foreseeable future. According to IAS 38 (Intangible Assets), how should Blanco Chemical Company record the 15,000,000? Multiple Choice As "Development Expense" on the Income Statement As a "Deferred Development Cost" on the Balance Sheet As "Fertilizer Revenue" on the Income Statement It should only be reported in the notes to the financial statements
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