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Martinez Company incurred the following costs during 2010 in connection with its research and development activities.
Cost of equipment acquired that will have alternative uses in future R & D projects over the next 5 years (uses straight-line depreciation). $333,170Materials consumed in R & D projects 51,082Consulting fees paid to outsiders for R & D projects 101,300Personnel costs of persons involved in R & D projects 127,300Indirect costs reasonable allocable to R & D projects 48,028Materials purchased for future R & D projects 32,220
Compute the amount to be reported as research and development expense by Martinez on its income statement for 2010. Assume equipment is purchased at beginning of year.
Fiduciary funds are accounted for differently than permanent funds, even though both may account for nonexpendable resources.
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Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled.
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