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 $3,650 * including acquired in-process and collaborations R&D. Using the financial statement effects template, describe how the accounting for R&D expenditures affects Abbott Laboratories' balance sheet and income statement. Enter answers in millions, as shown above. Use negative signs with answers, when appropriate. Enter answers in millions, as shown above. Use negative signs with answers, when appropriate. Transaction Cash Asset + Noncash Assets - Contra Assets = Liabilities + Contr. Capital + Earned Capital Revenue R & D expenditures - Expenses = No Enter answers in millions, as shown above. Use negative signs with answers, when appropriate. Action Cash Asset + Noncash Assets - Contra Assets = Liabilities + Contr. Capital + Earned Capital enditures Revenue Expenses = Net income Assessing Research and Development Expenses Abbott Laboratories reports the following income statement, in partial form ($ 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. 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. 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 R & D expenditures - Expenses = No Enter answers in millions, as shown above. Use negative signs with answers, when appropriate. Action Cash Asset + Noncash Assets - Contra Assets = Liabilities + Contr. Capital + Earned Capital enditures Revenue Expenses = Net income