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Delaware Company incurred the following research and development costs during 2021 Salaries and wages for lab research Materials used in R&D projects Purchase of equipment
Delaware Company incurred the following research and development costs during 2021 Salaries and wages for lab research Materials used in R&D projects Purchase of equipment Fees paid to third parties for R&D projects Patent filing and legal costs for a developed product Salaries, wages, and supplies for R&D work performed for another company under a contract Total 5 490,000 290,000 990.000 410,000 74,000 440,000 $2,694,000 The equipment has a six-year life and will be used for a number of research projects. Depreciation for 2021is $210,000 Required: Calculate the amount of research and development expense that Delaware should report in its 2021 income statement Research and development exponto
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