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Question # 1: a) Dell Corporations Ltd purchased a Patent Right for $ 1000. It has been assessed that the useful life However, another Group company intends to buy the patent after 5 years for 60% of the purchase price. Dell Corporations Ltd also intends to sell it after 5years. There exists active market for similar patent. Dell Corporations Ltd wishes to adopt revaluation model. It has observed that fair market value of the patent at the end of Year 1 is $ 500. Suppose the use value of the asset under IAS 38 is $ 560. (5 Marks) i. At what cost should Dell Corporations Ltd recognize the patent initially? ii. If the entity adopts revaluation model, does it need to adopt an amortization policy? iii. If the answer to question (ii) is affirmative, what should be the useful life of the asset? b) ISA 230 Audit Documentation requires auditor to prepare audit documentation for an audit of financial statements on a timely basis. Describe some benefits of documenting audit work