Aspen, Inc. attempted to create a new horse transport device and incurred research and development costs of $250,000 in the first half of the current year. Rather than continue with its own research, Aspen decided to purchase a patent for a similar design from Vail, Inc. and purchased the patent for $350,000 on October 1 of the current year. What are the total assets and expenses recorded for these costs with regard to the new transport device?
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