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Check my work 6 Problem 10-11 Research and development [LO10-8] In 2018, 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 2018 expenditures were included in the R&D expense account 0.5 points Salaries and wages for eBook Print References Lab research Design and construction of preproduction prototype Quality control during commercial production $ 430,000 290,000 33,000 Materials and supplies consumed for 73,000 43,000 730,000 53,000 185,000 $1,837,000 Lab research construetion of preproduction prototype Purchase of equipment Patent fi1ing and legal fees for completed project Payments to others for research Total $265,000 of equipment was purchased solely for use in one of the projects. After the project is completed, the equipment will be abandoned. The remaining $465,000 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 bs required for a transaction/event, select "No journal entry required" in the first account field.) Chapter 10 HW Saved Help 6 Journal entry worksheet 4 ints Record entry to capitalize the cost of equipment to be used on future projects incorrectly charged to R&D expense. eBook Print ferences Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal 6 Journal entry worksheet 2 3 4 0.5 points Record depreciation on equipment used in R&D projects. eBook Print References Note: Enter debits before credits. Event General Journal Debit Credit 2 Clear entry View general journal Record entry 6 Journal entry worksheet 0.5 polnts Record entry to capitalize filing and legal fees for patent incorrectly charged to R&D expense. eBook Print References Note: Enter debits before credits. Event General Journal Debit Credit Clear entry View general journal Record entry Journal entry worksheet 2 3 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. Event General Journal Debit Credit Record entry Clear entry View general journal KPrev 6 of 16 Next>