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19 October, 06:38

West Coast Growers incurs the following costs during the year related to the creation of a new disease-resistant tomato plant. Salaries for R&D $ 540,000 Depreciation on R&D facilities and equipment 145,000 Utilities incurred for the R&D facilities 7,000 Patent filing and related legal costs 27,000 Payment to another company for part of the development work 13,000 What amount should West Coast Growers report as research and development (R&D) expense in its income statement?

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  1. 19 October, 07:24
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    Salaries R&D $540,000

    Depreciation on equipment 145,000

    Utilities incurred 7,000

    Payment for development work 13,000

    R&D expense 705,000

    *Paten filing and related legal costs are recorded to patent intangible asset account
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