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Pharoah Company incurred the following costs during the current year in connection with its research and development activities.
Cost of equipment acquired that will have alternative uses in future R&D projects over the next 5 years (uses straight-line depreciation) - $282,500 Materials consumed in R&D projects - $55,500 Consulting fees paid to outsiders for R&D projects - $115,000 Personnel costs of persons involved in R&D projects - $125,000 Indirect costs reasonably allocable to R&D projects - $45,500 Materials purchased for future R&D projects - $32,500 Compute the amount to be reported as research and development expense by Pharoah on its current year income statement. Assume equipment is purchased at the beginning of the year.
Sagot :
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