EE provided the following information regarding its Research JPB-04 included in the company’s Intangible account as of December 31, 2022: Research JPB-04 is for a research project which consists of the following charges: Salaries of research staff, P18,000 Patent acquired solely for the use in the project, P12,000 Special equipment acquired and useful for various similar research activities, P10,000 Patent acquired for use in several research projects including JPB-04, P16,000 The equipment and patents have been found to be useful for approximately four years. Both the patents and equipment were acquired at the beginning of 2022. How much should be recognized as research and development expense for the year 2022?
EE provided the following information regarding its Research JPB-04 included in the company’s Intangible account as of December 31, 2022:
Research JPB-04 is for a research project which consists of the following charges:
Salaries of research staff, P18,000
Patent acquired solely for the use in the project, P12,000
Special equipment acquired and useful for various similar research activities, P10,000
Patent acquired for use in several research projects including JPB-04, P16,000
The equipment and patents have been found to be useful for approximately four years. Both the patents and equipment were acquired at the beginning of 2022. How much should be recognized as research and development expense for the year 2022?
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