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L04 0.15 Research and development outlays . Rosalie Lid has been involved in a project to develop an engine that runs on fuel ex sugar cane. It started the project in February 2023. Between then and 30 June 2023. th company's reporting period. Rosalie Ltd spent $508 000 on the project. At 30 June 200 no indication that the project would be commercially feast at would be commercially feasible, although the company has" Significant progress and was sufficiently confident of future success that it was prepared fuel extracted from 2023, the end of the une 2023, there was e company had made as prepared to outlay had built a prototype ber of engineering more funds on the project. After spending a further $240 000 during July and August, the company had built a no that appeared to be successful. The prototype was demonstrated to a number of engin companies during September, and several of these companies expressed interest in the fu development of the engine. Convinced that it now had a product that it would be able to Rosalie Lad spent a further S130 000 during October adjusting for the problems that the engineerin firms had pointed out. On 1 November, Rosalie Ltd applied for a patent on the engine, incurrine legal and administrative costs of $70000. The patent had an expected useful life of 7 years, but was renewable for a further 7 years upon application. Between November and December 2023, Rosalie Ltd spent an additional amount of $164000 on! engineering and consulting costs to develop the project such that the engine was at manufacturing stage. This resulted in changes in the overall design of the engine, and costs of $10 000 were incurred to add minor changes to the patent authority. On 1 January 2024, Rosalie Lid invited tenders for the manufacture of the engine for commercial sale. Required Discuss how Rosalie Lid should account for these costs. Provide journal entries with an explan of why these are the appropriate entries. 208 Financial reporting les with an explanation L04 0.15 Research and development outlays . Rosalie Lid has been involved in a project to develop an engine that runs on fuel ex sugar cane. It started the project in February 2023. Between then and 30 June 2023. th company's reporting period. Rosalie Ltd spent $508 000 on the project. At 30 June 200 no indication that the project would be commercially feast at would be commercially feasible, although the company has" Significant progress and was sufficiently confident of future success that it was prepared fuel extracted from 2023, the end of the une 2023, there was e company had made as prepared to outlay had built a prototype ber of engineering more funds on the project. After spending a further $240 000 during July and August, the company had built a no that appeared to be successful. The prototype was demonstrated to a number of engin companies during September, and several of these companies expressed interest in the fu development of the engine. Convinced that it now had a product that it would be able to Rosalie Lad spent a further S130 000 during October adjusting for the problems that the engineerin firms had pointed out. On 1 November, Rosalie Ltd applied for a patent on the engine, incurrine legal and administrative costs of $70000. The patent had an expected useful life of 7 years, but was renewable for a further 7 years upon application. Between November and December 2023, Rosalie Ltd spent an additional amount of $164000 on! engineering and consulting costs to develop the project such that the engine was at manufacturing stage. This resulted in changes in the overall design of the engine, and costs of $10 000 were incurred to add minor changes to the patent authority. On 1 January 2024, Rosalie Lid invited tenders for the manufacture of the engine for commercial sale. Required Discuss how Rosalie Lid should account for these costs. Provide journal entries with an explan of why these are the appropriate entries. 208 Financial reporting les with an explanation