Loazia Inc. incurred the following costs during the year ended December 31, 2013: Laboratory research aimed at
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Loazia Inc. incurred the following costs during the year ended December 31, 2013:
Laboratory research aimed at discovering new knowledge. | $230,000 |
Costs of testing prototypes and design modifications. | 45.000 |
Quality control during commercial production, including routine product testing. | 270.000 |
Construction of research facilities with an estimated useful life of 6 years but with no alternative future use | 360.000 |
What is the total amount to be classified and spent as research and development in 2013?
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