On December 31, Pane evaluates the companys research and development (R&D) activities conducted throughout the...
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Accounting
On December 31, Pane evaluates the companys research and development (R&D) activities conducted throughout the year to help develop a new bullet proof glass for the Department of Defense. Management determines that the company incurred the following costs related to the R&D activities:
Material used from inventory
$95,000
Wages and Salaries (paid in cash)
$151,000
Machine purchased for cash for the R&D project with a useful life of 1 year and no alternative future uses
$47,000
Record the appropriate journal entry. (1 debit 2 credits)
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