Q 9.17: Martha Beyerlein Company incurred $150,000 of research and development costs in its laboratory to develop a patent granted on January 2nd, 2017. On July 31st, 2017, Beyerlein paid $35,000 for legal fees in a successful defense of the patent. The total amount debited to Patents through July 31st, 2017, should be

$35,000

Explanation:

The computation of the total amount debited to patent is shown below:

The Patent refers to the intellectual property in which the person has the right to stop the other people by using or making their creation

Here the $150,000 is spent on the research and development while the $35,000 is spent on legal fees

So the total amount debited should be $35,000 only so that the patent could be obtained

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