$1)$Delaware Company incurred the following research and development costs during $2024$:

Salaries and wages for lab research $ $400,000$

Materials used in R&D projects $200,000$

Purchase of equipment $900,000$

Fees paid to third parties for R&D projects $320,000$

Patent filing and legal costs for a developed product $65,000$

Salaries, wages, and supplies for R&D work performed for another company under a contract $350,000$

Total $ $2,235,000$

The equipment has a seven$-$year life and will be used for a number of research projects. Depreciation for $2024$ is $$120,000.$

Required:

Calculate the amount of research and development expense that Delaware should report in its $2024$ income statement. $2)$On September $3,2024,$ the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows:

Robers$$ Asset Phifer$$s Asset

Original cost $ $120,000$ $ $140,000$

Accumulated depreciation $55,00063,000$

Fair value $75,00070,000$

To equalize the exchange, Phifer paid Robers $$5,000$ in cash.

Required:

Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field Record the exchange of equipment for Robers Company. Record the exchange of equipment for Robers Company. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $$5,000$ in cash.Record the exchange of equipment for Phifer Corporation. The exchange has commercial substance for both companies. To equalize the exchange, Phifer paid Robers $$5,000$ in cash. Show work Please