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Intermediate Accounting: Reporting...
Notting Hill Company incurred the following costs for R&D activities:
Prepare Notting Hill’s journal entry(ies) to record its R&D.
Prepare journal entry to record research and development cost of company N.
Research and development costs: It refers to the expenditures spent on research, development, improvement or introduction of new products, processes, a new patent or even a copyright, that a company expects to get benefits. It is reported under the intangible asset in the balance sheet.
Prepare journal entry to record the research and development costs of Company K:
| Date | Accounting Title and Explanation | Post Ref. | Debit ($) | Credit ($) |
| Â | Research and development Expense | Â | 148,500 | Â |
| Â | Cash | Â | Â | 123,500 |
| Â | Inventory | Â |
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