Determine amount to be capitalized as per us gaap and ifrs, Accounting Basics

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Determine amount to be capitalized as per us gaap and ifrs

Problem

The year 2012, Librel Company spent $600,000 on research and $40,000 on development, formulating a new product. The company was not able to create a successful product at the end of the year. Determine the amount to be capitalized as per U.S. GAAP and IFRS.

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Accounting Basics: Determine amount to be capitalized as per us gaap and ifrs

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