Which of the following correctly describes the free-enterprise system in the united states?
a.
a system in which businesses have a lot of control over how they run their business and some government regulation
b.
a system in which the government controls prices for essential goods but leaves other business decisions up to the individual
businesses
c.
a system in which the government regulates what businesses produce and how much they charge
d. a system in which the government has no control over the market, giving businesses complete freedom

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.