If a research & development account included current years costs of $380,000 and R&D equipment with a cost of $200,000 an estimated useful life of 10 years. Describe how that would impact the financial statements and prepare necessary journal entries assuming the financial statement have not been issued yet.  

Answer rating: 100% (QA)

As per the laws of accounting all expenses are debited and all assets are debited at the relevant ac... View the full answer