1. On Set. 29, 2020, Oxford AstraZeneca patented itsCOVID19 vaccine. The total cost on research &development for the vaccine was $ 550,000,000 with auseful life of 5 years.Requirements:a. Journal entry on the day they patented the vaccine.b. Journal entry for the vaccine amortization as ofDecember 31, 2020.

A journal entry is an act of keeping records of day-to-day transactions of the business by debiting…

Answered: Requirements: a. Journal entry on the…

Requirements: a. Journal entry on the day they patented the vaccine. b. Journal entry for the vaccine amortization as of December 31, 2020.

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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Question

1. On Set. 29, 2020, Oxford AstraZeneca patented its
COVID19 vaccine. The total cost on research &
development for the vaccine was $ 550,000,000 with a
useful life of 5 years.
Requirements:
a. Journal entry on the day they patented the vaccine.
b. Journal entry for the vaccine amortization as of
December 31, 2020.

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