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Author Question: Galaxy Corporation purchases specialty software from a software development firm for use in its ... (Read 81 times)

jeatrice

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Question 1

Costs that qualify as research and experimental expenditures include all of the following except
◦ depreciation of laboratory equipment.
◦ management studies.
◦ costs incurred in developing product improvements.
◦ costs of obtaining a patent such as attorney fees.

Question 2

Galaxy Corporation purchases specialty software from a software development firm for use in its business as of January 1 of the current year at a cost of $90,000.  No hardware was acquired.  How much of the cost can Galaxy deduct this year?
◦ $18,000
◦ $15,000
◦ $30,000
◦ $90,000


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Marked as best answer by jeatrice on Sep 13, 2020

HandsomeMarc

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jeatrice

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


parker125

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Reply 3 on: Yesterday
:D TYSM

 

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