Hopson company incurred $900,000 of research and development costs in its laboratory to develop a new product. it spent $120,000 in legal fees for a patent granted on january 2, 2017. on july 31, 2017, hopson paid $90,000 for legal fees in a successful defense of the patent. what is the total amount that should be debited to patents through july 31, 2017?

Question

Delaney Lucero

Business

26 April, 04:06

Hopson company incurred $900,000 of research and development costs in its laboratory to develop a new product. it spent $120,000 in legal fees for a patent granted on january 2, 2017. on july 31, 2017, hopson paid $90,000 for legal fees in a successful defense of the patent. what is the total amount that should be debited to patents through july 31, 2017?

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Branden Hernandez · Answer 1

The total amount that should be debited to patents through July 31, 2017 is $210000. Hopson Company spent $120000 in legal fees for a patent that was granted on January 2, 2017 and on July 31, 2017, the company paid $90000 for legal fees in a successful defense of the patent. If combined, $120000 plus $90000, the total amount is $210000.