Consider the following events for Crane's Innovations Co$.$ that occurred during $2024.$

For each event, indicate the amount of expense that should be recognized in the $2024$ income statement. $($Hint: Use professional judgement to estimate expense where appropriate.$)($Do not leave any answer field blank. Enter O for amounts.$)$

$1.$ Leased factory space from Whole Properties Company for a one$-$year period starting November $1,2024.$ Six months of rent at $$3,330$ per month was paid in advance.

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$2.$ Incurred $$39,200$ of research costs for new products. No new products were developed but management believes the research will lead to new products.

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$3.$ Used power and water during December for manufacturing. Crane's will receive the bill in January $2025$ and pay it in February $2025.$ Power and water costs totalling $$61,600$ have been recorded for the period from January $1$ to November $30,2024.$

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$4.$ New packaging equipment costing $$53,280$ was installed during November $2024.$ The equipment was tested in December and will be used for packaging starting in January $2025.$ The equipment has an estimated useful life of $4$ years and an estimated residual value of $$4,440.$ The company uses straight$-$line depreciation.