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Problem
Satellite Inc. incurred the following costs during the year ended December 31, 20X5:
Research costs aimed at discovery of new knowledge $360,000
Labour and materials costs for the design of a new product $97,000
Testing of the new product $38,000
Marketing costs incurred after testing $34,000
Purchase of special equipment (six-year useful life) on November 1, 20X5, to used in general R&D activities $830,000
The new product development has met the six specific conditions for recognition. Satellite uses the straight-line method for equipment depreciation. What is the total amount to be capitalized as development costs in 20X5?
a) $135,000
b) $158,056
c) $518,056
d) $529,000.
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