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On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,330,000 to develop the patent internally, consisting of personnel ($865,000), equipment ($339,000), and materials ($126,000). The company also had the following additional costs: $33,000 in legal fees associated with the purchase and filing of the patent, $48,000 to advertise its new laser surgery techniques, and $58,000 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 $1,330,000 to develop the patent internally, consisting of personnel ($865,000), equipment ($339,000), and materials ($126,000). The company also had the following additional costs: $33,000 in legal fees associated with the purchase and filing of the patent, $48,000 to advertise its new laser surgery techniques, and $58,000 to train employees. What is the recorded cost of the patent?

FINANCIAL ACCOUNTING
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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On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,330,000 to develop the patent internally, consisting of personnel ($865,000), equipment ($339,000), and materials ($126,000). The company also had the following additional costs: $33,000 in legal fees associated with the purchase and filing of the patent, $48,000 to advertise its new laser surgery techniques, and $58,000 to train employees. What is the recorded cost of the patent?
Transcribed Image Text:On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,330,000 to develop the patent internally, consisting of personnel ($865,000), equipment ($339,000), and materials ($126,000). The company also had the following additional costs: $33,000 in legal fees associated with the purchase and filing of the patent, $48,000 to advertise its new laser surgery techniques, and $58,000 to train employees. What is the recorded cost of the patent?
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