In $2024,$ 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 $2024$ expenditures were included in the R&D expense account:$$440,000300,00034,00074,00044,000740,00054,000190,000$$$1,876,000$

A total of $$270,000$ of equipment was purchased solely for use in one of the projects. After the project is completed, the equipment will be abandoned. The remaining $$470,000$ 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$2$

$3$

$4$

Record entry to capitalize the cost of equipment to be used on future projects incorrectly charged to R&D expense.

Transaction $2$:

Record depreciation on equipment used in R&D Projects

Transaction $3$:

Record entry to capitalize filing and legal fees for patent incorrectly charged to R&D expense

Transaction $4$:

Record the entry to reclassify the expenditures made for quality control during commercial production assuming the costs would be treated as manufacturing overhead.

Note: Enter debits before credits,

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,$nand,,$],[,,,]]$