ilt Homework & Tableau Saved Problem 10-11 (Algo) Research and development [LU10-8 In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end Is December 31. All of the following 2021 expenditures were included in the R&D expense account: Salaries and wages for: Lab research Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research Construction of preproduction prototype Purchase of equipment Patent filing and legal fees for completed project Payments to others for research Total $ 340,000 200,000 24,000 64,000 34,000 640,000 44,000 140,000 $1,486,000 $220,000 of equipment was purchased solely for use in one of the projects. After the project is completed, the equipment will be abandoned. The remaining $420,000 in equipment will be used on future R&D projects. The useful life of equipment is five years. Assume that all of the equipment was acquired at the beginning of the year. Required: Prepare journal entries, reclassifying amounts in R&D expense, to reflect the appropriate treatment of the expenditures. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet 1 2 3 4 Record entry to capitalize the cost of equipment to be used on future projects: incorrectly charged to R&D expense. Note: Enter debits before credits, Transaction 1 e here to search General Journal Debit Credit 0 > < Prev 15