After a long meeting with some executives of the company, Jane enters an elevator in the building owned by Hi-Flyer, Inc., and presses the button for the floor she wants to reach. The doors to the elevator close and suddenly the elevator goes into free fall, stopping abruptly at the lobby. Jane is seriously hurt and sues Hi-Flyer for damages. Upon receipt of the complaint, Hi-Flyer moves for summary judgment, noting that, while it is clear that Jane did fall, she has never proven, or for that matter even offered a theory as to why the elevator functioned incorrectly. Therefore, argues Hi-Flyer, there is no evidence that they were at fault. What is the ruling of the Court?

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.