Question: Odessa Industries spent 350 000 on research and 600 000 on development
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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