Micro Tech, Inc. made the following cash expenditures during current-year related to the development of a new technology which was patented at the end of the year:Materials and supplies used - $38,000R&D salaries - 120,000Patent filing fees - 3,000Payments to external consultants - 50,000Purchase of R&D equipment - 140,000
The equipment purchased has no future use beyond the current project. $10,000 of the materials and supplies used and $32,000 in salaries relate to the construction of prototypes. In its current-year financial statements, Micro Tech should report research and development expenses of:
a. $348,000b. $306,000c. $208,000d. $351,000
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