Micro Facilities incurs the following costs during the year. • A new patent is purchased for $615,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. • Internal costs of $515,000 were used to research and develop a new high-resolution monitor. The company expects production to begin next year, and sales to customers to occur over the next five years. . An integrated sound component for video capture processes is developed using internal resources at a cost of $465,000. By the end of the year, the company applies for and receives a patent on the sound component. • Advertising costs of $265,000 were used in the current year to promote the company's products and services, including those expected to be released next year. Required: Record the expenditures. Assume all expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Prev Check my work 3 of 7 Next >

Micro Facilities incurs the following costs during the year. • A new patent is purchased for $615,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. • Internal costs of $515,000 were used to research and develop a new high-resolution monitor. The company expects production to begin next year, and sales to customers to occur over the next five years. . An integrated sound component for video capture processes is developed using internal resources at a cost of $465,000. By the end of the year, the company applies for and receives a patent on the sound component. • Advertising costs of $265,000 were used in the current year to promote the company's products and services, including those expected to be released next year. Required: Record the expenditures. Assume all expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Prev Check my work 3 of 7 Next >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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