Delaware Company incurred the following research and development costs during 2024: Salaries...
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Accounting
Delaware Company incurred the following research and development costs during 2024:
| Salaries and wages for lab research | $ 550,000 |
|---|---|
| Materials used in R&D projects | 350,000 |
| Purchase of equipment | 1,050,000 |
| Fees paid to third parties for R&D projects | 470,000 |
| Patent filing and legal costs for a developed product | 80,000 |
| Salaries, wages, and supplies for R&D work performed for another company under a contract | 500,000 |
| Total | $ 3,000,000 |
The equipment has a seven-year life and will be used for a number of research projects. Depreciation for 2024 is $270,000.
Required:
Calculate the amount of research and development expense that Delaware should report in its 2024 income statement.
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