Odessa Industries spent $350,000 on research and $600,000 on development of a new product. Of the $600,000

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Odessa Industries spent $350,000 on research and $600,000 on development of a new product. Of the $600,000 in development costs, $400,000 was incurred prior to technological feasibility and $200,000 after technological feasibility had been demonstrated. Prepare the journal entry to record research and development costs.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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