In $2024,$ Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year$-$end is December $31.$ All of the following $2024$ expenditures were included in the R&D expense account:

Salaries and wages for:

Lab research $ $420,000$

Design and construction of preproduction prototype $280,000$

Quality control during commercial production $32,000$

Materials and supplies consumed for:

Lab research $72,000$

Construction of preproduction prototype $42,000$

Purchase of equipment $720,000$

Patent filing and legal fees for completed project $52,000$

Payments to others for research $180,000$

Total $ $1,798,000$

A total of $$260,000$ of equipment was purchased solely for use in one of the projects. After the project is completed, the equipment will be abandoned. The remaining $$460,000$ in equipment will be used on future R&D projects. The useful life of equipment is five years. Assume that all of the equipment was acquired at the beginning of the year.

Required:

Prepare journal entries, reclassifying amounts in R&D expense, to reflect the appropriate treatment of the expenditures.