Assessing Research and Development Expenses Abbott Laboratories reports the following income statement in partial form ($ millions): Year ended December 31 2018 Net sales $30,578 Cost of products sold 12,706 Amortization of intangible assets 2,178 Research and development 2,300 Selling general and administrative 9.744 Total operating cost and expenses 26,928 Operating earnings $3,650 * including acquired in process and collaborations R&D a. Compute the percent of net sales that Abbott Laboratories spends on research and development (R&D). Round answer to one decimal place (i.e., 0.1426 = 14.3%) b. Using the financial statement effects template, describe how the accounting for R&D expenditures affects Abbott Laboratories' balance sheet and income statement. Enter answers in millions, as shown above. Use negative signs with answers, when appropriate. Transaction Cash Asset + Noncash Assets Contra Assets = Liabilities + Contr. Capital + Earned Capital Revenue Expenses - Net income R & D expenditures -2300 -2178 -2300 9,744 (9,744)