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Delaware Company incurred the following research and development costs during 2 0 2 4 : Salaries and wages for lab research $ 4 0 0

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 Anthony Corporation. The facts of the exchange are as follows:
Robers Asset Anthony'ss Asset
Original cost $ 120,000 $ 140,000
Accumulated depreciation 55,00063,000
Fair value 75,00070,000
To equalize the exchange, Anthony paid Robers $5,000 in cash.
Required:
Record the exchange for both Robers and Anthony The exchange has commercial importance 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 importance 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 importance for both companies. To equalize the exchange, Phifer paid Robers $5,000 in cash. Show work Please

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