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The following three cases are independent of each other:
In 2020, Saints Corporation incurred research costs as follows:
Materials and supplies $ 60,000
Personnel 65,000
Indirect costs-allocated 80,000
205,000
These costs relate to a product that Saints expects to market in 2021. It is estimated that the above listed costs will be recouped by December 31, 2023.
Instructions
Problem 1: How much of the Saints Corporation's research costs could be capitalized in 2020? Show all your calculation and provide a brief explanation of your rationale.
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