A company incurred the following costs related to research and development for the current year: Salaries for research employees Developed technology purchased in a business acquisition In-process R&D purchased in a business acquisition Supplies used in research projects Research performed for sale to another company in the future For what amount should the company report research and development expense? $ 500,000 250,000 150,000 120,000 80,000
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- Problem 19-3 (AICPA Adapted) Bubba Company determined that there had been a significant decrease in market value of an equipment used in the manufacturing process. At year-end, the entity compiled the following information: 5,000,000 3,000,000 Original cost of equipment Accumulated depreciation Expected undiscounted net future cash inflows related to the equipment Fair value of equipment 1,750,000 1,250,000 What amount of impairment loss should be reported? 3,250,000 b. 3,750,000 750,000 250,000 a. с. d.2. Brill Company made the following expenditures during the current year: Costs to develop computer software for internal use in Brill’s general management information system: 1 000 000 Cost of market research activities 750 000 Brill Company’s total Expense?Bennet Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $ 450,000 Equipment acquired that will have alternate future uses in future research and development projects 3,000,000 Depreciation for 2021 on above equipment 300,000 Personnel costs of persons involved in research and development projects 750,000 Consulting fees paid to outsiders for research and development projects 300,000 Indirect costs reasonably allocable to research and development projects 225,000 Total $5,025,000 What amount of research and development costs should be charged to Bennet’s 2021 statement of profit or loss?
- Bennet Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $ 450,000 Equipment acquired that will have alternate future uses in future research and development projects 3,000,000 Depreciation for 2021 on above equipment 300,000 Personnel costs of persons involved in research and development projects 750,000 Consulting fees paid to outsiders for research and development projects 300,000 Indirect costs reasonably allocable to research and development projects 225,000 Total $5,025,000 Assume economic viability has not been achieved. What amount of research and development costs should be charged to Bennet’s 2021 statement of profit or loss? $AnswerBlossom Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $ 940000 Equipment acquired that will have alternate future uses in future research and development projects 2900000 Depreciation for 2021 on above equipment 483333 Personnel costs of persons involved in research and development projects 740000 Consulting fees paid to outsiders for research and development projects 290000 Indirect costs reasonably allocable to research and development projects 215000 $5568333 The amount of research and development costs charged to Blossom's 2021 income statement should be ?18. ABC Company had the following expenditures related to a software: Costs to develop the software for internal use in ABC's operations (after technological feasibility) P100,000 Cost of market research activities, P75,000 How much costs should be expensed? 175,000 100,000 75,000 0
- Virtual Co. incurred research and development costs in 2023 as follows: Materials used in research and development projects Equipment acquired that will have alternate future uses in future research and development projects Depreciation for 2023 on above equipment Personnel costs of persons involved in research and development projects Consulting fees paid to outsiders for research and development projects Indirect costs reasonably allocable to research and development projects F. Time hp $450,000 3,000,000 300,000 750,000 300,000 225,000 Assume economic viability has not been achieved. What amount of research and development costs should be charged to Virtual's 2023 income statement? $ Total $5,025,000Problem 32-20 (IAA) Royal Company purchased a new trademark and incurred the following costs: 1,000,000 50,000 70,000 Purchase price Nonrefundable value added tax Training of personnel on the use of new trademark Research expenditures associated with the purchase of the new trademark Legal cost incurred to register the new trademark Administrative salaries 240,000 105,000 120,000 What is the initial cost of the trademark? a. 1,000,000 b. 1,155,000 C. 1,465,000 d. 1,585,000QUIZ 2: 1. Sponge Co. incurred research and development costs in 20x1 as follows: 975,00 Equipment acquired for use in various research and development projects 135,00 Depreciation on the above equipment 200,00 Materials used 500,00 Compensation costs of personnel 150,00 Outside consulting fees 250,00 Indirect costs appropriately allocated The total research and development costs charge in Sponge's 20x1 statement of profit or loss should be: 2. Sanitarium Co. has the following assets, stated at cost, as of December 31, 20x1: 600,00 Macintosh laptops EPSON printers 10,000 FUJI photocopying 250,00 XEROX machines Windows Operating Software 25,000 All of the listed assets above have an original estimated useful life of 5 years and that their remaining useful life on December 31, 20x1 is 4 years. Sanitarium uses the straight line method for its items of property, plant and equipment and intangible assets with finite useful life. How much would be shown as property, plant and equipment in…
- Armando Corporation incurred the following expenses: 2022 2023 Salaries 515,000 614,000 Materials 90,000 70,000 Insurance and utilities 14,000 19,000 Promotion expense 11,000 18,000 Advertising -0- 20,000 Cost of market survey 8,000 -0- The new product will be available for sale July 1, 2024. The company would like to capitalize and amortize the expenditures. Calculate the amount of research and experimental expenditures for: a. 2022 b. 2023 Calculate the deduction for R&D expenses for: C. 2022 d. 2023 e. 2024 If the answer is 0, just type a 0. Use commas as appropriate, ie 55,000. Round answers to the nearest dollar.22.Sponge Co. incurred research and development costs in 2021 as follows: Equipment acquired for use in various research and development projects 975,000 Depreciation on the above equipment 135,000 Materials used 200,000 Compensation costs of personnel 500,000 Outside consulting fees 150,000 Indirect costs appropriately allocated 250,000The total research and development costs charge in Sponge's 2021 statement of profit or loss should be: 850,000 1,085,000 1,235,000 1,825,000Purchase price Nonrefundable value added tax Training of personnel on the use of new trademark Research expenditures associated with the purchase of the new trademark Legal cost incurred to register the new trademark Administrative salaries 1,000,000 50,000 70,000 240,000 105,000 120,000 What amouont should be reported as initial cost of the trademark? 1,000,000 b. 1,155,000 c. 1,465,000 a.