One proposed solution to the funding problems faced by social security and medicare is to increase the retirement age from 67 to 70. although this would mean billions of dollars in savings for these federal programs, an unintended consequence may be:

a. a decrease in life expectancy.
b. an increase in the unemployment rate.
c. an increased number of elderly people in the workforce.
d. less incentive for people to work longer.
e. an increased incentive for people to work longer.

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.