Bailliere Company recorded cash sales of $300,000 and cost of goods sold relating to those sales of $120,000 on its Excel spreadsheet during the month of June. At the end of June, the company closed its underapplied overhead in the amount of $5,000 to cost of goods sold and reflected that transaction on its spreadsheet. What is the amount of cost of goods sold that will be reported on the company's income statement for the month of June? a) $120,000
b) $125,000
c) $115,000
d) $175,000

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u. s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u. s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u. s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u. s. gaap balances to ifrs.