Diaz Company incurred the following costs during the year 2020. 1. Salaries expense related to design for a...
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Diaz Company incurred the following costs during the year2020.
1. Salaries expense related to design for a trademark with anindefinite estimated life $12,000 2. Materials used for research and development projects for thecurrent year 20,000 3. Fees paid to external consultants related to research anddevelopment projects 60,000 4. Trouble-shooting in connection with breakdowns duringproduction 36,000 5. Design of tooling involving new technology 18,000 6. Cost of equipment (purchased January 2019) that will havealternative uses over 6 years 160,000 7. Salaries expense related to updates to an existing product 80,000 8. Allocation of rent expense for a facility partially used forresearch and development activities 30,000 9. Routine testing of product during commercial production 56,000
Determine the amount of research and development costs thatwould be disclosed in the financial statements of Diaz company forthe year 2020.
Note: Round your answer to the nearest wholedollar.
Diaz Company incurred the following costs during the year2020.
| 1. | Salaries expense related to design for a trademark with anindefinite estimated life | $12,000 |
| 2. | Materials used for research and development projects for thecurrent year | 20,000 |
| 3. | Fees paid to external consultants related to research anddevelopment projects | 60,000 |
| 4. | Trouble-shooting in connection with breakdowns duringproduction | 36,000 |
| 5. | Design of tooling involving new technology | 18,000 |
| 6. | Cost of equipment (purchased January 2019) that will havealternative uses over 6 years | 160,000 |
| 7. | Salaries expense related to updates to an existing product | 80,000 |
| 8. | Allocation of rent expense for a facility partially used forresearch and development activities | 30,000 |
| 9. | Routine testing of product during commercial production | 56,000 |
Determine the amount of research and development costs thatwould be disclosed in the financial statements of Diaz company forthe year 2020.
Note: Round your answer to the nearest wholedollar.
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Remote of research and development that would be disclosed in financial statements of Diaz company for the year 2020 Particulars Amount Materials used for research and development projects for current year 20000 Fee paid to external consultants relating to research and development projects 60000 Design of tooling new technology 18000 allocation of rent expenses which is partially used for research and development 30000 Totaltotal cost of research and development should be
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