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  3. riley co. incurred the following costs during 2021

Riley Co. incurred the following costs during 2021:Significant modification to the formulation of a chemical...

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Accounting

Riley Co. incurred the following costs during 2021:Significant modification to the formulation of a chemical product $160,000Trouble-shooting in connection with breakdowns during commercial production 150,000Cost of exploration of new formulas 200,000Seasonal or other periodic design changes to existing products 185,000Laboratory research aimed at discovery of new technology 355,000In its income statement for the year ended December 31,2021, Riley should report research and development expense of

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