Stelmar, an engineering firm, develops simulation software in 20X2. The project's direct costs (assigned staff and services consumed) amount to 60,000 from January to March, 72,000 from April to June, 80,000 from July to September and 88,000 from October to December. The project first meets the recognition criteria on 1 July 20X2. In the second half-year, the team also uses a computing licence whose amortisation amounts to 5,000, and management allocates 10,000 of head office costs that are not directly attributable to the project. What is the cost of the intangible asset at 31 December 20X2?
- Direct costs January to March
- 60,000
- Direct costs April to June
- 72,000
- Direct costs July to September
- 80,000
- Direct costs October to December
- 88,000
- Amortisation of the computing licence
- 5,000
- Allocated head office costs
- 10,000