Heart Company incurred costs in 2022 as follows: Equipment acquired for use in various research and development projects - P900,000 Depreciation on the equipment above - 210,000 Materials used in R&D - 300,000 Compensation costs of personnel in R&D - 400,000 Outside consulting fees for R& D work - 200,000 Indirect costs appropriately allocated to R&D - 260,000 What is the total amount of research and development that should be reported in Heart Company's 2022 statement of comprehensive income?
Heart Company incurred costs in 2022 as follows: Equipment acquired for use in various research and development projects - P900,000 Depreciation on the equipment above - 210,000 Materials used in R&D - 300,000 Compensation costs of personnel in R&D - 400,000 Outside consulting fees for R& D work - 200,000 Indirect costs appropriately allocated to R&D - 260,000 What is the total amount of research and development that should be reported in Heart Company's 2022 statement of comprehensive income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Heart Company incurred costs in 2022 as follows:
Equipment acquired for use in various research and development projects - P900,000
Materials used in R&D - 300,000
Compensation costs of personnel in R&D - 400,000
Outside consulting fees for R& D work - 200,000
Indirect costs appropriately allocated to R&D - 260,000
What is the total amount of research and development that should be reported in Heart Company's 2022 statement of comprehensive income?
The answer must be P1,390,000
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