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MakeACure produces and sells medications. They conduct research and then undertake development together with extensive medical trials and if results are successful they seek government approval to manufacture and sell the medication. 10 Mark During 1 July 2019 - 30 June 2020 they produced and sold $15,000,000 worth of medications. Also, MakeACure undertook research and testing for new medications and two new medications were approved for production. Detailed accounting records are maintained for each new medication from the time trials start, to when government approval is received. A total of $3,800,000 was spent during the year ended 30 June 2020 on research and testing, and of this $800,000 was spent for the two medications which received government approval on 20 June 2020. : 20a) Marks What amount is to be expensed and what amount can be capitalised for the year ended 30 June 2020 for the research and testing expenditure applying AASB 138 Intangible Assets? Justify your treatment. (4 marks) 1 1 200621 . Marks The CEO of Make Acure asks your advice on the following: During the year ended 30 June 2021 a number of unusual reactions were being experienced from a trial medication (Code name; GREEN) for which $300,000 had been spent. The trial was abandoned and no future testing will be undertaken using this medication (medication; GREEN). No amount is yet capitalised for medication; GREEN). Despite this bad news, another medication currently being sold (Code name; GOLD) was found to have increased benefits and sales for this medication had increased by a further 50% during the year. The amount capitalised for (Code name; GOLD) is $400,000. The CEO would like, if possible, this $400,000 capitalized amount to be increased by a further 50% due to the increased success. Another medication (Code name; BLUE) has been found to be no longer selling in the market, and so production of medication (Code name; BLUE) was ceased. The amount capitalised for (Code name; BLUE) is $100,000. . The CEO of MakeACure realises the amount capitalised for research & development needs to be updated. Discuss how each of these three issues need to be treated applying the accounting standards. (6 marks) 1