costs of patents

Project Description:

davis research company engaged in the following 5 transactions during 2013:

1. purchased a patent for $35,000. legal costs of $5,000 were also incurred.

2. costs paid to improve patent:
engineering costs $20,000
assembling and testing prototypes 10,000
other r&d costs 25,000

3. licensed a manufacturing process to another company and received $80,000 as an advance payment.

4. successfully defended a patent infringement suit at a cost of $12,000.

5. earned $5,000 of the advance payment on the licensed manufacturing process in item 4.

required:

prepare journal entries to record the preceding transactions.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $0 to $10
Completed
Total Proposals: 3
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