In 2021, Storsearch 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 2021 expenditures were included in the R&D expense account: $ 300,000 160,000 20,000 Salaries and wages for! Lab research Design and construetion of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research Construction of preproduction prototype Purchase of equipment Patent thing and legal fees for completed project Payments to others for research Total 60,000 30,000 600,000 40.000 120.000 $1,330,000 $200,000 of equipment was purchased solely for use in one of the projects. After the project is completed the equipment will be abandoned. The remaining $400,000 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. (If no entry is required for a transaction/event, select "No journaj entry required" in the first account field.)