Newell Industries spent $300,000 on research and $600,000 on development of a new product. Of the $600,000

Question:

Newell Industries spent $300,000 on research and $600,000 on development of a new product. Of the $600,000 in development costs, $400,000 was incurred prior to technological feasibility and $200,000 after technological feasibility had been demonstrated. Prepare the journal entry to record research and development costs.