In its income statement for the year ended december 31 2007, Ask an Expert

Accounting

Riley Co. incurred the following costs during 2007:

Modification to the formulation of a chemical product $160,000

Trouble-shooting in connection with breakdowns during commercial production 150,000
Costs of marketing research for new product 200,000
Seasonal or other periodic design changes to existing products 185,000
Laboratory research aimed at discovery of new technology 215,000

In its income statement for the year ended December 31, 2007, Riley should report research and development expense of

a. $575,000.

b. $725,000.

c. $415,000.

d. $335,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M995097

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