$4)$ Ethics Case $108$ Research and development Mayer Biotechnical, Incorporated, develops, manufactures, and sells pharmaceuticals. Significant research and development $($R&D$)$ expenditures are made for the development of new drugs and the improvement of existing drugs. During $2024,$ $$220$ million was spent on R&D$.$ Of this amount, $$30$ million was spent on the purchase of equipment to be used in a research project involving the development of a new antibiotic. The equipment likely will be used on only this one project. The company president has asked the controller to make every e$$ort to increase $2024$ earnings because in $2025$ the company will be seeking significant new financing from both debt and equity sources. $$I guess we might use the equipment in other projects later,$$ the controller wondered. Required: $1.$ Assuming that the equipment was purchased at the beginning of $2024,$ how much should the controller record for research and development expense in $2024?$ Note: Enter your answer in millions and not in dollars. $2.$ What amount would be reported for research and development expense in $2024$ under the controller$$s alternative assumption that the equipment will be used for other projects evenly over five years? Note: Enter your answer in millions and not in dollars. $3.$ Does the need for financing justify the controller making the alternative assumption in requirement $2?$