Question: Shields Company is preparing its interim report for the second quarter ending June 30. The following payments were made during the first two quarters: Expenditure

Shields Company is preparing its interim report for the second quarter ending June 30.

The following payments were made during the first two quarters:

Expenditure Date Amount

Annual advertising January $ 800,000

Property tax for the fiscal year February $ 350,000

Annual equipment repairs March $260,000

One-time research and development fee to consultant May $ 96,000

Required: For each expenditure, indicate the amount that would be reported in the quarterly income statements for the periods ending March 31, June 30, September 30, and December 31.

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