On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,360,000 to develop the patent internally, consisting of personnel ($880,000), equipment ($348,000), and materials ($132,000). The company also had the following additional costs: $36,000 in legal fees associated with the purchase and filing of the patent, $51,000 to advertise its new laser surgery techniques, and $61,000 to train employees. What is the recorded cost of the patent?

On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,360,000 to develop the patent internally, consisting of personnel ($880,000), equipment ($348,000), and materials ($132,000). The company also had the following additional costs: $36,000 in legal fees associated with the purchase and filing of the patent, $51,000 to advertise its new laser surgery techniques, and $61,000 to train employees. What is the recorded cost of the patent?

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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