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CoursHeroTranscribedText: Melissa Company, which was organized in January 2020, recorded the following transactions during the...

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Accounting

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CoursHeroTranscribedText: Melissa Company, which was organized in January 2020, recorded the following transactions during the year in a single account called Intangible Assets: Intangible Assets 2020 January 2 State incorporation fees $10,000 January 2 Legal fee to incorporate 20,000 January 3 Underwriter fees for handling stock issue 45,000 March 1 Patent acquired from Laura Company 240,000 June 1 Employee training costs-see note 20,000 December 1 Legal costs incurred to defend patent acquired on Mar. 1 (Melissa Co. won the lawsuit) 110,000 December 1 Discount on bonds payable 450,000 January- December R&D costs incurred for new product development 180,000 December 31 Catering costs for board of directors' meeting 12,000 December 31 Ending balance $1,087,000

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