**Concord Corporation Financial Activity Overview for 2017**Concord Corporation incurred several costs during the fiscal year of 2017, detailed as follows:1. **Laboratory research aimed at discovery of new knowledge** - Total Cost: **$560,000**2. **Laboratory equipment purchased for use in a recently completed project** - Note: Alternative uses for the equipment are not expected - Total Cost: **$127,000**3. **Testing in search of product alternatives** - Total Cost: **$59,000**4. **Engineering activity required to advance the design of a product to the manufacturing stage** - Total Cost: **$267,000****Aggregate Expenses for 2017: $1,013,000**---**Instructions for Journal Entry Preparation**Prepare the necessary journal entries for Concord Corporation for the year 2017. Please ensure the following when making entries:- Credit account titles will automatically be indented once the amount is entered. - If an entry is not required, select "No Entry" for the account titles and enter '0' for the amounts.**Journal Entry Template**| Account Titles and Explanation | Debit | Credit ||--------------------------------|-------|--------|| | | || | | || | | |(Note: Please fill in the accounts and amounts as necessary based on the cost details provided above.)

Name: **Concord Corporation Financial Activity Overview for 2017**Concord C
Uploaded: 2024-03-05T11:50:36.000Z
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Description: **Concord Corporation Financial Activity Overview for 2017**Concord Corporation incurred several costs during the fiscal year of 2017, detailed as follows:1. **Laboratory research aimed at discovery of new knowledge** - Total Cost: **$560,000**2

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances. Date Account Titles and Explanation Debit Credit Research and development expenses $1,013,000 Cash $1,013,000

Business

Accounting

Concord Corporation incurred the following costs in 2017. Laboratory research aimed at discovery of new knowledge $560,000 Laboratory equipment purchased for use in recently completed project; alternative uses for the equipment are not expected 127,000 Testing in search for product alternatives 59,000 Engineering activity required to advance the design of a product to the manufacturing stage 267,000 $1,013,000 Prepare the necessary 2017 journal entry or entries for Concord. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

Concord Corporation incurred the following costs in 2017. Laboratory research aimed at discovery of new knowledge $560,000 Laboratory equipment purchased for use in recently completed project; alternative uses for the equipment are not expected 127,000 Testing in search for product alternatives 59,000 Engineering activity required to advance the design of a product to the manufacturing stage 267,000 $1,013,000 Prepare the necessary 2017 journal entry or entries for Concord. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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**Concord Corporation Financial Activity Overview for 2017**

Concord Corporation incurred several costs during the fiscal year of 2017, detailed as follows:

1. **Laboratory research aimed at discovery of new knowledge**
- Total Cost: **$560,000**

2. **Laboratory equipment purchased for use in a recently completed project**
- Note: Alternative uses for the equipment are not expected
- Total Cost: **$127,000**

3. **Testing in search of product alternatives**
- Total Cost: **$59,000**

4. **Engineering activity required to advance the design of a product to the manufacturing stage**
- Total Cost: **$267,000**

**Aggregate Expenses for 2017: $1,013,000**

---

**Instructions for Journal Entry Preparation**

Prepare the necessary journal entries for Concord Corporation for the year 2017. Please ensure the following when making entries:

- Credit account titles will automatically be indented once the amount is entered.
- If an entry is not required, select "No Entry" for the account titles and enter '0' for the amounts.

**Journal Entry Template**

| Account Titles and Explanation | Debit | Credit |
|--------------------------------|-------|--------|
| | | |
| | | |
| | | |

(Note: Please fill in the accounts and amounts as necessary based on the cost details provided above.)

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