Please help me. No wrong answers or else i will notrate

1. Joy Corp. is engaged in a research and development

project to produce a new product. In the year ended

December 31, 2019, the company spent P1,200,000

on research and concluded that there were sufficient

grounds to carry the project on to its development

stage and a further P750,000 had been spent on

development. At that date management had decided

that they were not sufficiently confident in the ultimate

profitability of the project and wrote off all the

expenditure to date to the income statement. In 2020

further direct development costs have been incurred of

P800,000 and the development work is now almost

complete with only an estimated P100,000 of costs to

be incurred in the future. Production is expected to

commence within the next few months. Unfortunately

the total trading profit from sales of the new product is

not expected to be as good as market research data

originally forecasted and is estimated at only

P1,500,000. Assuming the other criteria given in PAS

38 are met, how much should be capitalized as of

December 31, 2020?

2. Nasugbu Company incurred the following costs during

the current year:

Quality control during commercial

production, including routine testing of

products

P58,000

Laboratory research aimed at discovery of

new knowledge

68,000

Testing for evaluation of new products 24,000

Modification of the formulation of a plastic

product

26,000

Engineering follow-through in an early phase

of commercial production

15,000

Adaptation of an existing capability to a

particular requirement or customer's need

as a part of continuing commercial

activity

13,000

Trouble-shooting in connection with

breakdowns during commercial production

29,000

Searching for applications of new research

findings

19,000

What is the total amount Nasugbu should report as

research and development expense?

3. Cavinti Company provided the following information

relevant to the research and development

expenditures for the current year:

Current period depreciation on the

building housing R and D activities

P1,500,000

Cost of market research study 1,000,000

Current period depreciation on a

machine used in R and D activities

500,000

Salary of R and D director 1,200,000

Salary of Vice-President who spends

of his time overseeing R and D

activities

2,400,000

Pension costs for salary of R and D

director

50,000

Pension costs for salary of Vice-President 100,000

The R and D expense for the current period should be?

4. Which statement is incorrect regarding the cost of an

intangible asset?

a. If an intangible asset is acquired separately, the

cost comprises its purchase price, including import

duties and taxes and any directly attributable

expenditure of preparing the asset for its intended

use.

b. If an intangible asset is acquired in a business

combination that is an acquisition, the cost is

based on its fair value at the date of acquisition.

c. If an intangible asset is acquired free of charge or

by way of government grant, the cost is equal to

its fair value.

d. If payment for an intangible asset is deferred

beyond normal credit terms, its cost is equal to the

total payments over the credit period.

5. Directly attributable costs of preparing the asset for its

intended use do not include

a. Costs of employee benefits (as defined in PAS 19)

arising directly from bringing the asset to its

working condition.

b. Professional fees arising directly from bringing the

asset to its working condition.

c. Costs of testing whether the asset is functioning

properly.

d. Administration and other general overhead costs.