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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 $ 500,000 300,000 1,000,000 420,000 75,000 450,000 $2,745,000 The equipment has a eight-year life and will be used for a number of research projects. Depreciation for 2021 is $220,000. Required: Calculate the amount of research and development expense that Delaware should report in its 2021 income statement. Research and development expense
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