One of the largest changes in the economy over the past few decades is that technological advances have reduced the cost of making smartphones. Show the effect of the reduction in production costs on the market for smartphones. Demand Supply Price of Smartphones Quantity of Smartphones Demand Supply Many years ago, most people used conventional cell phones; today, the majority of them have switched to using smartphones. According to this statement, smartphones and conventional cell phones are . Show the effect of the price change in the market for smartphones on the market for conventional cell phones. Demand Supply Price of Conventional Cell Phones Quantity of Conventional Cell Phones Demand Supply Consider the relationship between smartphones and smartphone applications. Show the effect of the price change in the market for smartphones on the market for smartphone applications.

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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.

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