Chapter 12, Problem 5ICA

To determine

Patent: A sole right assigned to the creator or inventor to protect the inventor against the right of the using the invention is termed as patent. This right or license of patent is generally given by the government of the country.

Goodwill: A value of business or reputation of the business that helps to create an asset that is quantifiable in terms of money is termed as goodwill.

To determine the items to be recorded as expense.