During 2012, Robin wright Tool company a building site for its proposed research and development laboratory at a cost of and dollar 66, 300. Construction of the building was started in 2012. The building was completed on December 31, 2013, at a cost of dollar 321, 0oo was placed in service on January 2, 2014. The of the building for depreciation purposes was 20 years. The straight-line was and there was no estimated residual value. Management estimates that about 50 percentage projects of the and development win long-term at The remaining projects either the current benefit the period or are abandoned before completion. A summary of the number of projects and the direct costs incurred in conjunction with the research and development activities for 2014 appears below. upon recommendation of the research and development group, Robin wright Tool Company acquired a patent for manufacturing rights at a cost of dollar 88,000. The patent was acquired on April 1, 2013, and has an economic life of 10 years. If generally accepted accounting principles were followed, how would the items above relating to research and development activities be on the following financial statements? The company's income statement for 2014. The company's balance sheet as of December 31, 2014. All of the following are key similarities between GAAP and IFRS with respect to accounting for intangible assets except: the accounting for impairments of assets held for disposal