The following amounts were spent on development expenses relating to a new product. Assume the capitalization criteria was met on 1 September 2022, when financing for the project was secured. Assume all costs were incurred EVENLY over the period, unless otherwise noted.

Product Development Costs (January - August) $120,000

Interest on Loan to used to finance Development Costs (October - December) $20,000

Product Development Costs (September - December) $80,000

Development Team Salaries $200,000

Brand Promotion and Advertising Expenses $25,000

Q1:

i) Prepare the journal entry to record the research expense:

ii) Prepare the journal entry to record costs that are capitalized as intangible asset:

iii) Prepare the journal entry to record any other costs (excluding research or development)