Required: Assess the above course of actions by Red Corporation and on the role of a financial analyst, what amounts should appear as assets in Corporation's statement of financial position as at May 2019? Also explain the future economic benefits applied to each of the above assets.

Red Corporation is dealing with selling electronic goods inside the Sultant of Oman and the corporation operates eight branches in main cities of Sultant of Oman. i. The directors of the organization took a decision to get an import quota and for this process corporation has completed its import formalities. So, the corporation has paid $ 320,000 for an import quota and this would be valid for ten years. The import quota will create an additional profit of $ 580,000 to the corporation. ii. A new customer relationship process was launched and the updated customer list was prepared for a cost of $ 200,000 and due to this effect there would be an increase of profit of $ 220,000 iii. a pilot plan was prepared at a cost of $ 240,000 for opening four new branches in Sultant of Oman and the viability of this expansion plan provided a negative result. iv. There was a training conducted by the management to staff for two months and a well reputed training institution was engaged in this task. The cost incurred towards the training was $ 45,000. The training institution declared to the directors of the corporation that the increasing profit would be $ 175,000 for the next two years. Required: Assess the above course of actions by Red Corporation and on the role of a financial analyst, what amounts should appear as assets in Corporation's statement of financial position as at May 2019? Also explain the future economic benefits applied to each of the above assets