Selected financial data regarding current assets and current liabilities for queen's line, a competitor in the cruise line industry, is provided: (enter your answers in millions, not in dollars.)

($ in ,millions)
current assets:
cash and cash equivalents $307
current investments 82
net receivables 218
inventory 122
other current assets 138
total current assets $867
current liabilities:
accounts payable $1,165
short-term debt 709
other current liabilities 904
total current liabilities $2,778

required:
calculate the current ratio and the acid-test ratio for queen's line.

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.