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Calculate the amount of research and development expense

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Question - Delaware Company incurred the following research and development costs during 2021:

Salaries and wages for lab research $550,000

Materials used in R&D projects 350,000

Purchase of equipment 1,050,000

Fees paid to third parties for R&D projects 470,000

Patent filing and legal costs for a developed product 80,000

Salaries, wages, and supplies for RSD work performed for another company under a contract 500,000

Total $3,000,000

The equipment has a seven-year life and will be used for a number of research projects. Depreciation for 2021 is $270,000.

Required - Calculate the amount of research and development expense that Delaware should report in its 2021 income statement.

Reference no: EM132480715

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