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 ($) | Credit ($) |
 | Research and development Expense |  | 148,500 |  |
 | Cash |  |  | 123,500 |
 | Inventory |  |
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