Reference no: EM132839615
An entity incurred the following research and development cost in the current year:
Materials used in research and development projects 400,000
Equipment acquired that will have alternate future use in future research and development projects 2,000,000
Depreciation on above equipment 500,000
Personnel costs of persons involved in research and development projects 1,000,000
Consulting fees paid to outsiders for research and development projects 100,000
Indirect costs reasonably allocable to research and development projects 200,000
Problem 1: What amount of research and development cost should be expense in the current year?
a. 1,500,000
b. 1,700,000
c. 2,200,000
d. 3,500,000
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