Cozy Inc. incurred and paid the following costs during the year ended December 31, 2019:   Laboratory research aimed at discovery of new knowledge $200,000 Costs of testing prototype and design modifications (economic viability not achieved) 45,000 Quality control during commercial production, including routine testing of products 270,000 Construction of research facilities having an estimated useful life of 6 years but no alternative future use 360,000   The journal entry for the total amount to be classified and expensed as research and development in 2019 should be?

Question

Cozy Inc. incurred and paid the following costs during the year ended December 31, 2019:

 

Laboratory research aimed at discovery of new knowledge

$200,000

Costs of testing prototype and design modifications (economic viability not achieved)

45,000

Quality control during commercial production, including routine testing of products

270,000

Construction of research facilities having an estimated useful life of

6 years but no alternative future use

360,000

 

The journal entry for the total amount to be classified and expensed as research and development in 2019 should be?

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