During 2017, Kent Co. incurred $204,000 of research and development costs in its laboratory to develop...

 

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During 2017, Kent Co. incurred $204,000 of research and development costs in its laboratory to develop a patent that was granted on July 1, 2017. Legal fees and other costs associated with registration of the patent totaled $41,000. The estimated economic life of the patent is 10 years. What amount should Kent capitalize for the patent on July 1, 2017? $41,000 $0 $245,000 $204,000 During 2017, Kent Co. incurred $204,000 of research and development costs in its laboratory to develop a patent that was granted on July 1, 2017. Legal fees and other costs associated with registration of the patent totaled $41,000. The estimated economic life of the patent is 10 years. What amount should Kent capitalize for the patent on July 1, 2017? $41,000 $0 $245,000 $204,000

Answer rating: 100% (QA)

Correct option is Option A ie 41000 The ... View the full answer