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Delaware Company incurred the following research and development costs during 2024: Salaries and vagen for...

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Accounting

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Delaware Company incurred the following research and development costs during 2024: Salaries and vagen for lab researeh Materialn used in PGD projects Purehase of equipment Feen paid to third partien for hib projectn ratent filing and legal costil for a developed product: salarles, wages, and supplien for hob work perforned for another company'under a contract. Total 5530,000 330,000 1,030,000 450,000 78,000 480,000 $2,093,000 The equipment has a six-year life and will be used for a number of research projects. Depreciation for 2024 is $250,000. Required: Calculate the amount of research and development expense that Delaware should report in its 2024 income statement

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