Business, 18.11.2019 19:31 AshBorg

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 $ 450,000 design and construction of preproduction prototype 310,000 quality control during commercial production 35,000 materials and supplies consumed for: lab research 75,000 construction of preproduction prototype 45,000 purchase of equipment 750,000 patent filing and legal fees for completed project 55,000 payments to others for research 195,000 total $ 1,915,000 $275,000 of equipment was purchased solely for use in one of the projects. after the project is completed, the equipment will be abandoned. the remaining $475,000 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.

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In 2021, starsearch corporation began work on three research and development projects. one of the pr...

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