onic Company has the following research and development activities during 2017-2020: In 2017, Sonic spent $400,000 to develop a new production process. It has applied for a patent for the new process and believed that it will be successful. Economic viability has not been achieved at end of 2017. On 1 February 2018, patent applied in 2017 was granted. Legal costs involved were $200,000. Patent was granted for 20 years where the developed process will be useful for the next ten years' operation. In the beginning of January 2019, there was infringement of patent by a competitor. Sonic spent $100,000 in defending against the patent infringement successfully. Sonic decided the patent can be used till the end of 2029. On 31 December 2020, Sonic estimated that the process only has a value-in-use of $200,000. Required Prepare all the journal entries to record the transactions during 2017-2020, including any amortization involved. Financial year end of the Sonic Company is 31 December.

Mm.1. Bethany incurred $60,000 in research and experimental costs for developing a specialized product during July 2022. Bethany went through a lot of trouble and spent $30,000 in legal fees to receive a patent for the product in August 2024. Bethany expects the patent to have a remaining useful life of 10 years. Note: Do not round intermediate calculations. b. How much patent amortization expense would Bethany deduct in 2024? c. If Bethany chose to capitalize but not amortize the research and experimental expenses she incurred in 2022, how much patent amortization expense would Bethany deduct in 2024?

During 2016, Riverbed Corporation spent $162,720 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $36,720 related to the patent were incurred as of October 1, 2016. a) Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) b) On June 1, 2018, Riverbed spent $8,280 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2018. Prepare all journal entries required in 2018 and 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No…

On March 17, Advanced Technologies purchased a patent related to laser surgery techniques. The purchase price of the patent is $1,340,000. The patent is expected to benefit the company for the next five years. The company had the following additional costs: $34,000 in legal fees associated with the purchase and filling of the patent, $49,000 to advertise its new laser surgery techniques, and $59,000 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 $1,340,000 to develop the patent internally, consisting of personnel ($870,000), equipment ($342,000), and materials ($128,000). All additional costs were incurred for the same amount. What is the recorded cost of the patent? Total capitalized cost