QUESTION 1 During the year ending 31 Dec 200 a company incurred 200,000 of development costs in relation to a new product. A further 50,000 was spent on machinery specifically used in the development of the new product. The machinery is expected to last for S years with no residual value. A further E50,000 was spent on building the brand identity. The development project meets the criteria laid down in IAS 38 Intangible Assets. What value should be included within intangible Assets in respect of the above in the company's Statement of Financial Position? 260,000 SE210,000 E200,000 250,000