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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 12, Problem 7E
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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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.

To determine

Prepare journal entries to record the given transaction.

Explanation

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 entries to record the research and development costs of Company K:

DateAccounting Title and ExplanationPost Ref.Debit ($)Credit ($)
 Research and development Expense (1) 172,000 
 Cash   90,000
 Inventory  62,000
 Accumulated Depreciation  20,000
 (To record research and development expense)   

Table (1)

  • Research and development expense is an expense account...

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Ch-12 P-1GICh-12 P-2GICh-12 P-3GICh-12 P-4GICh-12 P-5GICh-12 P-6GICh-12 P-7GICh-12 P-8GICh-12 P-9GICh-12 P-10GI
Ch-12 P-11GICh-12 P-12GICh-12 P-13GICh-12 P-14GICh-12 P-15GICh-12 P-16GICh-12 P-17GICh-12 P-18GICh-12 P-19GICh-12 P-20GICh-12 P-1MCCh-12 P-2MCCh-12 P-3MCCh-12 P-4MCCh-12 P-5MCCh-12 P-6MCCh-12 P-7MCCh-12 P-8MCCh-12 P-9MCCh-12 P-10MCCh-12 P-1RECh-12 P-2RECh-12 P-3RECh-12 P-4RECh-12 P-5RECh-12 P-6RECh-12 P-7RECh-12 P-8RECh-12 P-9RECh-12 P-10RECh-12 P-1ECh-12 P-2ECh-12 P-3ECh-12 P-4ECh-12 P-5ECh-12 P-6ECh-12 P-7ECh-12 P-8ECh-12 P-9ECh-12 P-10ECh-12 P-11ECh-12 P-12ECh-12 P-13ECh-12 P-14ECh-12 P-15ECh-12 P-16ECh-12 P-17ECh-12 P-18ECh-12 P-19ECh-12 P-20ECh-12 P-1PCh-12 P-2PCh-12 P-3PCh-12 P-4PCh-12 P-5PCh-12 P-6PCh-12 P-7PCh-12 P-8PCh-12 P-9PCh-12 P-10PCh-12 P-11PCh-12 P-1CCh-12 P-2CCh-12 P-3CCh-12 P-4CCh-12 P-5CCh-12 P-6CCh-12 P-7CCh-12 P-8C

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