Should be dealt with in fnancial statements of cranfield

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Reference no: EM133292683

Assignment:

Question

Cranfield is a public limited company that operates a national chain of supermarkets, selling groceries and other household goods. It prepares its Not yet saved financial statements in accordance with International Financial Reporting Standards.

On 1 January 2021 Cranfield purchased a ten-year pharmacy license for $20 million and opened pharmacies in some of its larger stores. As a Flag question result, Cranfield had to spend $2 million training and recruiting pharmacists, $1.2 million marketing its new products and $4 million on furniture and fittings for the new pharmacies.

Required: Discuss how the above transactions should be dealt with in the financial statements of Cranfield for the year ended 30 June 2021.

Reference no: EM133292683

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