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Surf n Turf Limited is involved in the research and development (R&D) of a new type of three-finned surfboard. For this R&D initiative, the company has incurred the following expenditure:
a) $50,000 on developing a general understanding of water flow dynamics
b) $30,000 on understanding what local surfers expect from a surfboard
c) $190,000 on developing and testing a full prototype of the three-finned board to be called "Hurricane"
There is expected to be a very large market for the product that will generate many millions of dollars in revenue.
Required
Problem 1: Determine how the expenditure would be treated for accounting purposes
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