Question 3 (13 Points) 01, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began December. The company's fiscal year end is December 31. All of the following 2021 expenditures were included in the R&D expense account: Salaries and wages for Lab research Design and construction of pre-production prototype (Economic viability not achieved) Quality control during commercial production Materials and supplies consumed for: Lab research Purchase of equipment Patent filing and legal fees for completed project Payments to others for research Total $ 300,000 160,000 20,000 60,000 600,000 40,000 120,000 $1,300,000 $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. (a) (7 Points) What amount should be recorded as Research and Development expense in 20217 Show calculation and components.