Define R&D according to U.S. GAAP.
Answer to relevant QuestionsExplain the accounting treatment of equipment acquired for use in R&D projects.Beaverton Lumber purchased a milling machine for $35,000. In addition to the purchase price, Beaverton made the following expenditures: freight, $1,500; installation, $3,000; testing, $2,000; personal property tax on the ...Shackelford Corporation acquired a patent from its founder, Jim Shackelford, in exchange for 50,000 shares of the company's nopar common stock. On the date of the exchange, the common stock had a fair value of $22 per share. ...Maxtor Technology incurred the following costs during the year related to the creation of a new type of personal computer monitor:Salaries ................................ $220,000Depreciation on R&D facilities and equipment ...On January 1, 2011, Byner Company purchased a used tractor. Byner paid $5,000 down and signed a noninterest-bearing note requiring $25,000 to be paid on December 31, 2013. The fair value of the tractor is not determinable. ...
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