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QUESTION 3 In 2019, Cactus Corporation incurred research & development costs as follows: Materials $110,000 Equipment (no alternative use) 170,000 Personnel 140,000 Indirect costs 145,000

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QUESTION 3 In 2019, Cactus Corporation incurred research & development costs as follows: Materials $110,000 Equipment (no alternative use) 170,000 Personnel 140,000 Indirect costs 145,000 These costs relate to a product that will be marketed in 2020. It is estimated that these costs will be recouped by December 31, 2022. Required: Write the journal entry for Cactus to record research and development for 2019. Account Debit Credit

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