13. A startup technology company is in business for the purpose of producing and selling hardware and software. During the current year, the company paid $56,000 related to coding software, $92,000 for planning and design of software, $45,000 for production of software master copies, $120,000 for materials related to discovery of new hardware, $200,000 for equipment to be used for research over a 5 year life, $20,000 for patent filing fees, $90,000 for testing software, $95,000 for salary to the patent attorney, $100,000 production costs related to software products, $25,000 to market the software, $250,000 for salaries working to develop the hardware, and $55,000 for research salaries working on a new improved version of a currently selling product. Make the journal entry(ies) to record the above expenditures for the company.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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13. A startup technology company is in business
for the purpose of producing and selling hardware
and software. During the current year, the
company paid $56,000 related to coding software,
$92,000 for planning and design of software,
$45,000 for production of software master copies,
$120,000 for materials related to discovery of new
hardware, $200,000 for equipment to be used for
research over a 5 year life, $20,000 for patent
filing fees, $90,000 for testing software, $95,000
for salary to the patent attorney, $100,000
production costs related to software products,
$25,000 to market the software, $250,000 for
salaries working to develop the hardware, and
$55,000 for research salaries working on a new
improved version of a currently selling product.
Make the journal entry(ies) to record the
above expenditures for the company.
Transcribed Image Text:13. A startup technology company is in business for the purpose of producing and selling hardware and software. During the current year, the company paid $56,000 related to coding software, $92,000 for planning and design of software, $45,000 for production of software master copies, $120,000 for materials related to discovery of new hardware, $200,000 for equipment to be used for research over a 5 year life, $20,000 for patent filing fees, $90,000 for testing software, $95,000 for salary to the patent attorney, $100,000 production costs related to software products, $25,000 to market the software, $250,000 for salaries working to develop the hardware, and $55,000 for research salaries working on a new improved version of a currently selling product. Make the journal entry(ies) to record the above expenditures for the company.
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