Billy Dee Co. incurred the following costs during 2021: Significant modification to the formulation of a chemical product $160,000 Trouble-shooting in connection with breakdowns during commercial production 150,000 Cost of exploration of new formulas 200,000 Seasonal or other periodic design changes to existing products 185,000 Laboratory research aimed at discovery of new technology 225,000 Calculate the amount that Billy Dee Co. should report on its income statement for the year ended December 31, 2021 for research and development expense.
Billy Dee Co. incurred the following costs during 2021:
Significant modification to the formulation of a chemical product $160,000
Trouble-shooting in connection with breakdowns during commercial
production 150,000
Cost of exploration of new formulas 200,000
Seasonal or other periodic design changes to existing products 185,000
Laboratory research aimed at discovery of new technology 225,000
Calculate the amount that Billy Dee Co. should report on its income statement for the year ended December 31, 2021 for research and development expense.
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