Sunland Company incurred the following costs during the current year in connection with its research and development activities.
Cost of equipment acquired that will have alternative
uses in future R&D projects over the next 5 years (uses straight-line depreciation) $283,500
Materials consumed in R&D projects 55,700
Consulting fees paid to outsiders for R&D projects 117,000
Personnel costs of persons involved in R&D projects 137,500
Indirect costs reasonably allocable to R&D projects 45,700
Materials purchased for future R&D projects 32,700
Required:
Compute the amount to be reported as research and development expense by Sunland on its current year income statement. Assume equipment is purchased at the beginning of the year.
Answers: 2
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Sunland Company incurred the following costs during the current year in connection with its research...
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