Fill in the blanks with the word from the drop-down list that best completes each passage. A marketing channel, also called a " Select channel," is one critical component of a distribution strategy. Marketing channels provide the means by which goods and services flow from the Select to the consumer or business user. Most marketing channels involve at least one Select or middleman, but the simplest marketing channel is a direct channel. Reverse channels involve the return of goods to their producers, for example, by Select or recall.

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.