Lucys LTD was established in 2013 to sell Mexican food in three restaurants .innovative advertising coupled with high quality food quickly established the name of Lucys at the forefront of restaurant chains in southafrica.in 2015, it was decided to name the franchise Lucys and to register the name as a trademark .the franchises are sold and fees of 5%of revenue are paid to Lucys LTD. Which of the following statements are correct when Lucys Ltd determines whether the trademark Lucys can be recognized as an intangible asset in accordance with IAS 38? -the trade mark should be controlled by Lucys Ltd. The trademark should be a result of a past event. -Probable future economic benefits i.e., the franchise fees-will flow to Lucys Ltd. The trademark has a cost, being the amount paid for registration.