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Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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![Brief Exercise 10-7 (Algo) Patent; research and development [LO10-1, 10-8]
On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,230,000 to develop the
patent internally, consisting of personnel ($815,000), equipment ($309,000), and materials ($106,000). The company also had the
following additional costs: $23,000 in legal fees associated with the purchase and filing of the patent, $38,000 to advertise its new
laser surgery techniques, and $48,000 to train employees.
What is the recorded cost of the patent?
Total capitalized cost
$ 1,253,000](https://content.bartleby.com/qna-images/question/f07fb256-8a8f-42b8-9a14-1cfe6c4bfca4/03727e67-77d0-47a5-bf5a-b2616c16f61a/i34vo98_thumbnail.jpeg)
Transcribed Image Text:Brief Exercise 10-7 (Algo) Patent; research and development [LO10-1, 10-8]
On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,230,000 to develop the
patent internally, consisting of personnel ($815,000), equipment ($309,000), and materials ($106,000). The company also had the
following additional costs: $23,000 in legal fees associated with the purchase and filing of the patent, $38,000 to advertise its new
laser surgery techniques, and $48,000 to train employees.
What is the recorded cost of the patent?
Total capitalized cost
$ 1,253,000
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Intermediate Accounting: Reporting And Analysis
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ISBN:9781337788281
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