Notting Hill Company incurred the following costs for R&D activities:

Material used from inventory	$15,000
Equipment purchased (with cash) for R&D with no other use	85,000
Depreciation on building housing multiple R&D activities	10,000
Wages and salaries paid to R&D employees	38,500

Required:

Prepare Notting Hills journal entry(ies) to record its R&D.