Question 30 Lumberyard Inc. incurred the following costs during the year ended December 31, 2020: $ 4,295,000 712,500 485,000 Laboratory research aimed at discovery of new knowledge Costs of testing prototype and design modifications Quality control during commercial production, including routine testing of products On December 31, 2020, purchase of research facilities having an estimated useful life of 20 years with alternative future use in other research & development projects 7,360,000 The total amount to be classified and expensed as research and development in 2020 is $5,007,500. $4,780,000. $12,367,500. $5,492,500