Entity A carries out research and development on 1 July 2019 called Plan X.

In the year ended 30 June 2020, Entity A incurred costs in relation to Plan X of $2,520,000. These were incurred at the same amount each month up to 30 April 2020, when Plan X was completed. The product produced by Plan X went on sale from 1 June 2020.

Plan X had been confirmed as feasible on 1 January 2020, and the product produced by Plan X was expected to have a useful life of 10 years. Amortisation is measured monthly.

REQUIRED:

Measure the carrying amount of the development cost of Plan X on 30 June 2020.

ANSWER:

The carrying amount is $.