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mo3908
Nov 2, 2008, 03:39 PM
If a project is completed in 2007, and a successful patent is obtained. The R & D costs to complete the project are $110,000. The administrative and legal expenses incurred in obtaining the patents total &16,000. The patent has an expected useful life of 5 years.
How would I record the journal entries? Also record patent amortization for the full year of 2007. :confused: