A company incurred the follow costs related to research and development for the current year: Technology development
Fantastic news! We've Found the answer you've been seeking!
Question:
A company incurred the follow costs related to research and development for the current year:
Technology development (salaries and supplies) | $ | 320,000 | |
Engineering work performed by another company | 150,000 | ||
Purchase of equipment | 750,000 | ||
Testing new models | 60,000 | ||
Legal fees for patent application | 30,000 | ||
The equipment will be used in other projects. Depreciation in the current year is $90,000. For what amount should the company report research and development expense?
A: $500,000
B: $620,000
C: $650,000
D: $470,000
Related Book For
Financial Reporting Financial Statement Analysis and Valuation
ISBN: 978-0324302950
6th edition
Authors: Clyde P. Stickney
Posted Date: