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Identifying Research and Development Costs Hyland Company's research and development (R&D) records contained the following information for 2020. Materials used in R&D projects $ 400,000
Identifying Research and Development Costs
Hyland Company's research and development (R&D) records contained the following information for 2020. Materials used in R&D projects $ 400,000 Equipment acquired that will have significant alternative future uses including future R&D projects. 2,000,000 Depreciation expense for 2020 on above equipment 500,000 Personnel costs involved in R&D projects 1,000,000 Consulting fees paid to outsiders for R&D projects 100,000 Indirect costs reasonably allocable to R&D projects 200,000 $4,200,000 Required Determine the amount of research and development costs debited to expense and reported on Hyland's 2020 income statement. $Step by Step Solution
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