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A company incurred the following cost related to research and development for the current year: Technology development (salaries and supplies) $320,000 Engineering work performed by
A company incurred the following cost related to research and development for the current year:
Technology development (salaries and supplies) | $320,000 |
Engineering work performed by another company | $150,000 |
Purchase of equipment | $750,000 |
Testing new models | $160,000 |
Legal fees for patent application | $30,000 |
The equipment will be used in other projects, Depreciation in the current is $80,000. For what amount should the company report research and development expense?
- $620,000
- $630,000
- $660,000
- $710,000
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