Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. brief exercise 10-7 (algo) patent; research and de

Brief Exercise 10-7 (Algo) Patent; research and development [LO10-1, 10-8] On March 17, Advanced Technologies...

70.2K

Verified Solution

Question

Accounting

image
Brief Exercise 10-7 (Algo) Patent; research and development [LO10-1, 10-8] On March 17, Advanced Technologies purchased a patent related to laser surgery techniques. The purchase price of the patent is $1,320,000. The patent is expected to benefit the company for the next five years. The company had the following additional costs: $32,000 in legal fees associated with the purchase and filing of the patent, $47,000 to advertise its new laser surgery techniques, and $57,000 to train employees. None of these additional costs were included in the purchase price or paid to the seller. Now assume that instead of purchasing the patent, Advanced Technologies spent $1,320,000 to develop the patent internally, consisting of personnel ($860,000), equipment ($336,000), and materials ($124,000). All additional costs were incurred for the same amount. What is the recorded cost of the patent

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A psychologist specializing in marriage counseling claims that, among all married couples, the proportion p for...

Basic Math
Q

Write a detailed definition of each of the following terms and provide an example of the...

Physics
Q

Provide three predictions of items you think will happen in Europe in the next 10 years....

Economics
Q

1) Which of the statements below is? FALSE? A. Project A has a higher y?axis intercept...

Accounting
Q

Pam Corporation holds 70 percent ownership of Northern Enterprises. On December 31, 20X6, Northern paid Pam...

Accounting
Q

Assignment #3 – The Accounting Cycle in Review This assignment is out of 101 marks and...

Accounting
Q

Minimize P subject to the given constraints. P = 16x + 2y constraintsx ? 0y...

Basic Math
Q

Find the value of c where the table below probability distribution of random variable X...

Calculus
Q

Fish n Chip Sdn Bhd is developing a new production process. During 2020, expenditure incurred...

Accounting
Q

E6-22(Static) Multiproduct CVP Analysis [LO 6-6] Juniper Corporation makes three models of insulated...

Accounting
Q

Liquidity risk and asset transformation risk. When bank received, they buy more risky assets but...

Accounting
Q

Millington Materials is a leading supplier of building equipment, building products, materials, and timber for...

Accounting