Harry Co purchased a license to sell a specific product for a five-year term starting on 1 July 20X3 at a cost of $3,600,000. The license will expire after five years and cannot be renewed. The company has a financial year end of 31 March. What is the amortization charge for the license in the financial statements for the year ended 31 March 20X4?

Merlot Co is working on several projects during the financial year ended 31 December 20X5. The following costs were incurred: Project A: A project to investigate the properties of a new chemical compound. Costs incurred until 31 December 20X5 were $34,000. Project B: A project to develop a new production process. This project met the IAS 38 capitalization criteria on 31 August 20X5. Costs incurred were $78,870 up to 31 August and $27,800 from 1 September to 31 December 20X5. What total amount should be recognized as an expense in Merlot Co's Statement of Profit or Loss for the year ended 31 December 20X5?