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

Design and construction of preproduction prototype $$450,000$

Quality control during commercial production $310,000$

Materials and supplies consumed for: production $35,000$

Lab research

Construction of preproduction prototype $75,000$

Purchase of equipment $45,000$

Patent filing and legal fees for completed project $750,000$

Payments $to$ others for research $55,000$

$195,000$

Total

$$1,915,000$

A total of $$275,000$ of equipment was purchased solely for use in one of the projects. After the project is completed, the equipment will be abandoned. The remaining $$475,000$ 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$\backslash$table$[[1,2,3,4]]$

Record entry to capitalize the cost of equipment to be used on future projects incorrectly charged to R&D expense.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,$F$,,],[,5,,],[,$B$,,],[,4,,]]$