Transaction |
General journal |
Debit |
Credit |
1 |
Equipment |
480000 |
|
Research and development expense |
480000 |
||
(To capitalize the cost of equipment to be used on future projects incorrectly charged to R&D expense) |
|||
2 |
Research and development expense (480000/5) |
96000 |
|
Accumulated depreciation – equipment |
96000 |
||
(To record depreciation on equipment used in R&D projects) |
|||
3 |
Patent |
56000 |
|
Research and development expense |
56000 |
||
(To capitalize filing and legal fees for patent incorrectly charged to R&D expense) |
|||
4 |
Inventory |
36000 |
|
Research and development expense |
36000 |
||
(To reclassify the expenditures made for quality control during commercial production) |
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was complete...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2018 expenditures were included in the R&D expense account: $ 450,000 31e, see 35,00 Salaries and wages for Lab research Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research Construction of preproduction...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2018 expenditures were included in the R&D expense account: Salaries and wages for: Lab research Design and construction of preproduction prototype Quality control during commercial production 490,000 350,000 39,000 Materials and supplies consumed for: 79,000 49,000 790,000 59,000 215,000 $2,071,000 Lab...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account: Salaries and wages for: Lab research 370,000 Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research 230,000 27,000 67,000 37,000 Construction of preproduction...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account: Salaries and wages for: Lab research $ 480,000 Design and construction of preproduction prototype 340,000 Quality control during commercial production 38,000 Materials and supplies consumed for: Lab research 78,000 Construction of preproduction...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account Salaries and wages for : 5 Ints Lab research $ 500,000 Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for Leb research Construction of preproduction...
Exercise 10-26 Research and development [LO10-8] In 2013, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology $ 2,000,000 Engineering design work 680,000 Development of a prototype device 300,000 Acquisition of equipment 60,000 Testing and modification of the prototype 200,000 Legal and other fees for patent application on the new communication system 40,000 Legal fees for successful defense of the new patent 20,000...
In 2018, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology $ 2,800,000 Engineering design work 840,000 Development of a prototype device 460,000 Acquisition of equipment 76,000 Testing and modification of the prototype 360,000 Legal and other fees for patent application on the new communication system 56,000 Legal fees for successful defense of the new patent 36,000 Total $ 4,628,000 The equipment will...
In 2018, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology $ 2,450,000 Engineering design work 770,000 Development of a prototype device 390,000 Acquisition of equipment 69,000 Testing and modification of the prototype 290,000 Legal and other fees for patent application on the new communication system 49,000 Legal fees for successful defense of the new patent 29,000 Total $ 4,047,000 The equipment will...
In 2018, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of equipment Testing and modification of the prototype Legal and other fees for patent application on the new communication system Legal fees for successful defense of the new patent Total $ 2,050,000 690,000 310,000 61,000 210,000 41,000 21,000 $3,383,000 The equipment will be...
Check my work 1In-2018, Space Technology Compary mcd In 2018, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: 10 points Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of equipment Testing and modification of the prototype Legal and other fees for patent application on the new communication system Legal fees for successful defense of the new patent $2,200,000 720,000 340,000 64,000...