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What amount of research and development expense be reported

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Reference no: EM132601189

Question - Earth company incurred the following costs during the current year:

Laboratory research aimed at discovery of new knowledge

750,000

Design of tools, jigs, molds and dies involving new technology

400,000

Quality control during commercial production including routine testing

350,000

Equipment acquired two years ago, having an estimated useful life of five years with no residual value used in various R and D projects

1,500,000

Research and development services performed by Star Company for Earth Company

250,000

Research and development services performed by Earth Company for Moon Company

200,000

Required - What amount of research and development expense should be reported in the current year?

Reference no: EM132601189

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