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What is the total amount that the entity should classify

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Reference no: EM132784686

Entity X incurred the following costs during 20X5:

Quality control during commercial production, including routine testing of products P 58,000

Laboratory research aimed at discovery of new knowledge 68,000

Testing for evaluation of new products 24,000

Modification of the formulation of a plastic product 26,000

Engineering follow-though in an early phase of commercial production 15,000

Trouble-shooting in connection with breakdown during commercial production 29,000

Searching for application of new research findings 19,000

Cost of equipment acquired that will have alternative uses in future R&D projects over the next five years.

Entity uses straight-line depreciation method. 280,000

Requirement

Problem 1: What is the total amount that the entity should classify as R&D expense for 20X5?

Reference no: EM132784686

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