Keldar is developing marine navigation software. In 20X1, as the criteria were not met, it recognised 180,000 of development expenditure as an expense. The criteria have been met since 1 January 20X2; in 20X2, it incurs 260,000 of costs directly attributable to the software and 12,000 of advertising for its launch. Management wishes to recognise as an asset all the project expenditure since its inception. What is the cost of the intangible asset at 31 December 20X2?
- 20X1 expenditure recognised as an expense
- 180,000
- Directly attributable costs of 20X2
- 260,000
- Launch advertising
- 12,000