Part B (5 Marks) Jim Ltd is an Australian-based travel company that conducts a variety of ecotourism safari trips. Because of the success of its ecotourism safaris in both Australia and Borneo, and its unique approach to tours, Jim decided to expand its business and offer unique ecotours in Europe. Jim's CEO and the executive directors travelled to Europe and investigated the possibility of entering into two exclusive tour access licenses for European national parks. In November 2019 the licenses were granted, with access periods commencing on 1 January 2022 once the international borders open for tourist who are fully vaccinated. Jim will be the only tour operator with access to the parks for five years. As part of arranging the new licenses, Jim Ltd incurred the following costs: Date Description Amount $45,000 July - August, Investigative tour cost to Europe 2019 During this time the CEO and executive directors met with government agencies to discuss park access, gain an understanding of the existing competitors and research tour demand 20 November, Legal fees 2019 In connection with acquiring the licences $30,000 Required: For the year ended 30 June 2020: (a) Determine whether each of the costs noted above should be capitalised under AASB 138 Intangible Assets. (2 marks) (b) Jim Ltd does not yet have any tour bookings to either park, as it did not wish to advertise the new tours until the licenses were granted. It has, however, capitalised the license fees. Explain how the recognition criteria in AASB 138 Intangible Assets have been met in respect of the licence fees