Meridian Inc. has incurred $150,000 during the current year on the initial design work of a new product. It is anticipated that this design will be taken forward over the next two year period to be developed and tested with a view to production in three years' time. How should this cost be treated in the financial statement of Meridian?

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Biocon Ltd, spent $ 800,000 on the testing of a new production system which has been designed internally and which will be in operation during the following accounting year. This system should reduce the costs of production by 25%. How should this cost be treated in the financial statement of Crawford Ltd.?

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During the year ended 31, December 2020 Trident Inc incurred $80,000 of development costs for a new product. In addition, Trident spent $20,000 on January 1, 2020 on machinery specifically used to help develop the new product and $5,000 for developing a new logo. Commercial production is expected to start during 2021. The machinery is expected to last 5 years with no residual value. What value should be included within the Intangible assets in respect of the above in Trident's Statement of Financial Position as at 31 December 2020?

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Soft Tech has spent $40,000 researching new hand sanitizer in the year ended December- 31, 2020. They have also spent $80,000 to develop new hand wash product which will not go into commercial production until next year. The development project meets the criteria laid down in IAS 38 Intangible assets.
How these costs should be treated in the financial statements of Soft Tech for the year ended 1 December 2020?