*Problem 12-6 (Part Level Submission) During 2015, Oriole Company purchased a building site for its proposed research and development laboratory at a cost of $4 Construction of the building was started in 2015. The building was completed on December 31, 2016, at a cost of $260,000 a in service on January 2, 2017. The estimated useful life of the building for depreciation purposes was 20 years. The straight-l depreciation was to be employed, and there was no estimated residual value Management estimates that about 50% of the projects of the research and development group will result in long-term benefi least 10 years) to the corporation. The remaining projects either benefit the current period or are abandoned before completi summary of the number of projects and the direct costs incurred in conjunction with the research and development activities appears below Other Ex (excluding Depreciation Number of Projects 19 Salaries and Employee Benefits Completed projects with long-term benefits Abandoned projects or projects that $86,000 benefit the current period Projects in process-results indeterminate Total 50,000 45,000 $181,000 10 9 38 Upon recommendation of the research and development group, Oriole Company acquired a patent for manufacturing rights a $76,000. The patent was acquired on April 1, 2016, and has an economic life of 10 years. If generally accepted accounting principles were followed, how would the items above relating to research and development a reported on the following financial statements? The company's income statement for 2017. (Do not round intermediate calculations and round final answer to 0 decimal places, e.g. 5,275.) Oriole Company Income Statement (Partial) Attempts: 0 of 15 used The parts of this question must be completed in order. This part will be available when you complete the part above