Delaware Company incurred the following research and development costs during 2021: The equipment has a seven-year life
Question:
Delaware Company incurred the following research and development costs during 2021:
The equipment has a seven-year life and will be used for a number of research projects. Depreciation for 2021 is $120,000.
Required:Calculate the amount of research and development expense that Delaware should report in its 2021 income statement.
Transcribed Image Text:
Salaries and wages for lab research Materials used in R&D projects Purchase of equipment Fees paid to third parties for R&D projects Patent filing and legal costs for a developed product Salaries, wages, and supplies for R&D work performed for another company under a contract $ 400,000 200,000 900,000 320,000 65,000 350,000 Total $2,235,000
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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