Quest 11 Not yet answered Marked out of 1.00 Pag question How should research and development expenditure be dealt with in an entity's financial statements? Research and development expenditure should always be written off as an expense Research expenditure should always be written off as an expense but development expenditure should be capitalized as an intangible asset if it satisfies certain conditions Research and development expenditure should always be capitalised as an intangible asset Research expenditure should always be written off as an expense but development expenditure should always be capitalised as an intangible asset Lexes LLC bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20 years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. The market value as on 31st December 2018 as per professional experts was OMR 580,000. Which of the following statement is correct with reference to above situation? The accumulated depreciation until 31st December 2020 on equipment shall be OMR 240,000. There is a revaluation gain at the end of year 2018 None of them The value of equipment at the end of 31st December 2020 shall be 507,500