In 2021, a company purchased two patents. Related information follows: Patent 1 Patent 2 Purchase price $ 560,000 $ 260,000 Legal and filing fees 31,000 26,000 In addition, near the end of 2021, the legality of both patents was challenged. The company paid $56,000 to defend Patent 1, and the defense was successful. The company paid $46,000 to defend Patent 2, but the defense was not successful and the patent was determined to have no value. Ignoring any amortization in 2021, the amount of expenditures to capitalize at the end of the year is:
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In 2021, a company purchased two patents. Related information follows: Patent 1 Patent 2 Purchase price $ 560,000 $ 260,000 Legal and ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
From an economic context, select the correct definition of a market.
Answers (1)
If buyers become reluctant to purchase high-quality goods because they can't be confident of purchasing a high-quality product, then A. a large number of buyers will communicate the need for lower prices. B.
Answers (1)
Classifying Types of Adjustments Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expense: 1. A two-year premium paid on a fire insurance policy. 2. Fees earned but not yet received. 3.
Answers (1)
In 3-5 sentences, describe how a consumer can use a cost-benefit analysis to decide between buying a concert ticket or buying a new pair of jeans. Mention the steps involved in analyzing each choice and how this process results in a decision.
Answers (1)
12. A freeze in Peru causes the price of coffee to skyrocket. Assuming coffee and tea are substitutes, which of the following will happen? [A] The quantity demanded of coffee will increase, and the quantity demanded of tea will increase.
Answers (1)
New Questions in Business
Video quiz the story in the video describes how the ceo of japan airlines, haruka nishimatsu, serves as an example of
Answers (1)
Granting a foreign company the right to manufacture your product your product or to use your firm's trademark in return for a fee is called:
Answers (1)
The paranting style which takes the concerns of all family members into account when making decisions is
Answers (1)
At the beginning of the year, Novak had an inventory of $550000. During the year, the company purchased goods costing $2340000.
Answers (1)
In presidential elections, voters often find that they do not agree with any single candidate in all issues that matter to them this is known as a. rent seekingbehaviorb. lack of accountabilityc. principal agent problemd.
Answers (1)