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    Research and development expense

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    Riley Co. incurred the following costs during 2007:

    Modification to the formulation of a chemical product = $160,000.
    Trouble-shooting in connection with breakdowns during commercial = $150,000.
    Costs of marketing research for new product = $200,000.
    Seasonal or other periodic design changes to existing products = $185,000.
    Laboratory research aimed at discovery of new technology = $215,000.

    In its income statement for the year ended December 31, 2007, Riley should report research and development expense of how much?

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    Solution Summary

    The solution explains how to determine the amount of research and development expense for the year ended.