Question: Muharraq Co. paid the following different costs in 2020: 1. $2,000,000 to acquire a machine to be used in the R&D projects. The machine

Muharraq Co. paid the following different costs in 2020: 1. $2,000,000 to acquire a machine to be used in the

Muharraq Co. paid the following different costs in 2020: 1. $2,000,000 to acquire a machine to be used in the R&D projects. The machine has a 4- year useful life (Muharraq Co. started using the machine on 11 may 2020 and straight-line depreciation method is applied). 2. $550,000 for construction costs incurred to open a new plant. 3. $420,000 for engineering costs incurred to advance a new product to full production stage (There is NO economic viability). 4. $250,000 for material and equipment used in research and development project. 5. $130,000 for advertising expenses to the new products. 6. $370,000 for consultation services provided by Manama Company during the research process. Required: How much Muharraq Co. should record as Research & development expense in 2020? (Show your calculations)

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