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and incurre PART B: The following scenario relates to questions 3 to 4. Crop Circle Ltd (CCL) is a telecommunications business offering mobile phone services by well-known third party manufacturers and it has recently started selling a smart phone with latest artificial intelligence technology, known as AIP. CCL is offering customers the opportunity to buy the AIP directly from CCL for $99 if services. $99 paid on contract commencement and the $40 monthly charge is payable at the end of each month. The company also offers the same 12-month call and data services contract directly to customers, without providing them with a handset, for $15 a month. Customers can buy the AIP from CCL with no contract for calls and data services for $699. CCL pays $250 to buy each AIP and the cost to CCL of the call and data services is approximately $5 per month, per contract. CCL has been developing a new technology which can be used in its product, KEY, a new generation of mobile phone. The expenditure in the year to 31 December 2019 was as follows: Period from 1 Jan - 31 Mar 2019 1 Apr - 30 Jun 2019 1 Jul - 31 Aug 2019 1 Sep - 30 Nov 2019 1 Dec - 31 Dec 2019 Expenditure type Research on size of potential market Prototype mobile phone Wage costs in refinement of products Development work to finalise design of mobile phone Production and launch of mobile phone $m 6 8 4 10 12 40 CCL believes that the existence of a market is clearly established for such new generation of mobile phone and so as other criterion as required by HKAS 38 *Intangible Assets' on 1 September 2019. The production of KEY is financed entirely by CCL's retained earnings and CCL believes that such technology can patent with an expected useful life of 3 years. Included in the costs of the production and launch of the products are market research costs ($10 million) and staff training costs ($2 million). Currently, CCL recognized an intangible asset with respect to the development expenditures of $40 million in the financial statements of CCL as at 31 December 2019. Required AIR Dm Q3: Prepare journal entries for CCL for a single customer contract (for purchase of a AIP with the 12-month contract) on contract commencement under HKFRS 15. (5 marks) Q4: Explain the accounting treatment and calculate the carrying amount of the potential intangible asset above in CCL's financial statements as at 31 December 2019 and its effect for the year ended 31 December 2019 with reference to HKAS 38. (15 marks) and incurre PART B: The following scenario relates to questions 3 to 4. Crop Circle Ltd (CCL) is a telecommunications business offering mobile phone services by well-known third party manufacturers and it has recently started selling a smart phone with latest artificial intelligence technology, known as AIP. CCL is offering customers the opportunity to buy the AIP directly from CCL for $99 if services. $99 paid on contract commencement and the $40 monthly charge is payable at the end of each month. The company also offers the same 12-month call and data services contract directly to customers, without providing them with a handset, for $15 a month. Customers can buy the AIP from CCL with no contract for calls and data services for $699. CCL pays $250 to buy each AIP and the cost to CCL of the call and data services is approximately $5 per month, per contract. CCL has been developing a new technology which can be used in its product, KEY, a new generation of mobile phone. The expenditure in the year to 31 December 2019 was as follows: Period from 1 Jan - 31 Mar 2019 1 Apr - 30 Jun 2019 1 Jul - 31 Aug 2019 1 Sep - 30 Nov 2019 1 Dec - 31 Dec 2019 Expenditure type Research on size of potential market Prototype mobile phone Wage costs in refinement of products Development work to finalise design of mobile phone Production and launch of mobile phone $m 6 8 4 10 12 40 CCL believes that the existence of a market is clearly established for such new generation of mobile phone and so as other criterion as required by HKAS 38 *Intangible Assets' on 1 September 2019. The production of KEY is financed entirely by CCL's retained earnings and CCL believes that such technology can patent with an expected useful life of 3 years. Included in the costs of the production and launch of the products are market research costs ($10 million) and staff training costs ($2 million). Currently, CCL recognized an intangible asset with respect to the development expenditures of $40 million in the financial statements of CCL as at 31 December 2019. Required AIR Dm Q3: Prepare journal entries for CCL for a single customer contract (for purchase of a AIP with the 12-month contract) on contract commencement under HKFRS 15. (5 marks) Q4: Explain the accounting treatment and calculate the carrying amount of the potential intangible asset above in CCL's financial statements as at 31 December 2019 and its effect for the year ended 31 December 2019 with reference to HKAS 38. (15 marks)