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A company incurred $600,000 of research and development costs in its laboratory to develop a...

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Accounting

A company incurred $600,000 of research and development costs in its laboratory to develop a new product. It spent $90,000 in legal fees for a patent granted on January 2, 2021. On July 31, 2021, the company paid $60,000 for legal fees in a successful defense of the patent. What is the total amount that should be debited to Patents through July 31, 2021?

  1. $600,000
  2. $150,000
  3. $750,000
  4. $690,000

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