Armando Corporation incurred the following expenses: 2022 2023 Salaries 515,000 614,000 Materials 90,000 70,000 Insurance and utilities 14,000 19,000 Promotion expense 11,000 18,000 Advertising -0- 20,000 Cost of market survey 8,000 -0- The new product will be available for sale July 1, 2024. The company would like to capitalize and amortize the expenditures. Calculate the amount of research and experimental expenditures for: a. 2022 b. 2023 Calculate the deduction for R&D expenses for: C. 2022 d. 2023 e. 2024 If the answer is 0, just type a 0. Use commas as appropriate, ie 55,000. Round answers to the nearest dollar.
Armando Corporation incurred the following expenses: 2022 2023 Salaries 515,000 614,000 Materials 90,000 70,000 Insurance and utilities 14,000 19,000 Promotion expense 11,000 18,000 Advertising -0- 20,000 Cost of market survey 8,000 -0- The new product will be available for sale July 1, 2024. The company would like to capitalize and amortize the expenditures. Calculate the amount of research and experimental expenditures for: a. 2022 b. 2023 Calculate the deduction for R&D expenses for: C. 2022 d. 2023 e. 2024 If the answer is 0, just type a 0. Use commas as appropriate, ie 55,000. Round answers to the nearest dollar.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 40P
Related questions
Question
Transcribed Image Text:Armando Corporation incurred the following expenses:
2022
2023
Salaries
515,000
614,000
Materials
90,000
70,000
Insurance and utilities
14,000
19,000
Promotion expense
11,000
18,000
Advertising
-0-
20,000
Cost of market survey
8,000
-0-
The new product will be available for sale July 1, 2024. The company would like to capitalize and amortize the expenditures.
Calculate the amount of research and experimental expenditures for:
a. 2022
b. 2023
Calculate the deduction for R&D expenses for:
C. 2022
d. 2023
e. 2024
If the answer is 0, just type a 0. Use commas as appropriate, ie 55,000. Round answers to the nearest dollar.
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