Business, 04.09.2019 22:30 dearydn22

Price company from time to time embarks on a research program when a special project seems to offer possibilities. in 2016, the company expends $325,000 on a research project, but by the end of 2016 it is impossible to determine whether any benefit will be derived from it. the project is completed in 2017, and a successful patent is obtained. the r& d costs to complete the project are $110,000. the administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2017 total $16,000. the patent has an expected useful life of 5 years. record these costs in journal entry form. also, record patent amortization (full year) in 2017.

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