Current Attempt in Progress

Consider the following events for Pharoah's Innovations Co$.$ that occurred during $2024.$

For each event, indicate the amount of expense that should be recognized in the $2024$ income statement. $($Hint: Use professional judgement to estimate expense where appropriate.$)($Do not leave any answer field blank. Enter $0$ for amounts.$)$

Leased factory space from Whole Properties Company for a one$-$year period starting November $1,2024.$ Six months of rent at $$2,910$ per month was paid in advance.

Incurred $$34,300$ of research costs for new products. No new products were developed but management believes the research will lead to new products.

Used power and water during December for manufacturing. Pharoah's will receive the bill in January $2025$ and pay it in February $2025.$ Power and water costs totalling $$53,900$ have been recorded for the period from January $1$ to November $30,2024.$

New packaging equipment costing $$46,560$ was installed during November $2024.$ The equipment was tested in December and will be used for packaging starting in January $2025.$ The equipment has an estimated useful life of $4$ years and an estimated residual value of $$3,880.$ The company uses straight$-$line depreciation.

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