Janson Pharmaceuticals incurred the following costs in 2021 related to a new cancer drug: ...
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Accounting
Janson Pharmaceuticals incurred the following costs in related to a new cancer drug:
Research for new formulas $
Development of a new formula
Legal and filing fees for a patent for the new formula
Total $
The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new drug was patented before the end of the fiscal year.
Required:
Calculate the amount of research and development expense Janson should report in its income statement related to this project.
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