KLK Clothing Company manufactures professional clothing for women. In order to keep costs low while still producing quality clothes, KLK conducts many R&D projects. On a current project, KLK researchers used $35,000 of cotton and $27,000 of wool from its inventory. KLK paid its researchers $30,000 cash in wages and purchased a special weaving machine for $60,000 cash. The machine was not suitable for use in production activities and was not expected to be used in other research projects. In addition, depreciation expense related to the project’s research lab amounted to $20,000.
Required:
Prepare the journal entry to record KLKֺ’s R&D costs.
Corporate Financial Accounting
Financial Accounting
Accounting Information Systems
Financial & Managerial Accounting
Financial And Managerial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
College Accounting, Chapters 1-27
Foundations of Business (MindTap Course List)
Essentials of Economics (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Principles of Macroeconomics (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Management, Loose-Leaf Version
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Brief Principles of Macroeconomics (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Principles of Economics (MindTap Course List)
Contemporary Marketing
Fundamentals of Financial Management (MindTap Course List)
Accounting Information Systems
College Accounting (Book Only): A Career Approach
Financial & Managerial Accounting
College Accounting (Book Only): A Career Approach
Accounting (Text Only)
Financial Accounting
Exploring Economics
Statistics for Business & Economics, Revised (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Corporate Financial Accounting
Survey of Accounting (Accounting I)
Cornerstones of Cost Management (Cornerstones Series)
Purchasing and Supply Chain Management
Economics For Today
Practical Management Science
Economics (MindTap Course List)
Microeconomics
Macroeconomics
Cornerstones of Financial Accounting
Managerial Accounting
Principles of Microeconomics
Economics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)