Velmora is designing software for medical devices. In 20X1, it recognised as an expense 90,000 of research and 140,000 of development. In 20X2, the project first meets the recognition criteria on 1 June: it cost 70,000 from January to May, then 210,000 of directly attributable costs from June to December. In December 20X2, Velmora also incurs 15,000 to train hospital users. The CFO proposes to recognise as an asset all project expenditure since 20X1. What is the cost of the intangible asset at 31 December 20X2?
- 20X1 research recognised as an expense
- 90,000
- 20X1 development recognised as an expense
- 140,000
- Expenditure from January to May 20X2
- 70,000
- Directly attributable costs from June to December 20X2
- 210,000
- User training
- 15,000