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In 2024, Starsearch Corporation began work on three research and development projects. One of the...

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Accounting

In 2024, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2024 expenditures were included in the R&D expense account: Salaries and wages for: Lab research $ 490,000 Design and construction of preproduction prototype 350,000 Quality control during commercial production 39,000 Materials and supplies consumed for: Lab research 79,000 Construction of preproduction prototype 49,000 Purchase of equipment 790,000 Patent filing and legal fees for completed project 59,000 Payments to others for research 215,000 Total $ 2,071,000 A total of $295,000 of equipment was

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