1. In addition, near the end of 2024 , the legality of both patents was challenged. The company paid $65,000 to defend Patent 1, and the defense was successful. The company paid $55,000 to defend Patent 2 , but the defense was not successful and the patent was determined to have no value.
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3. Ignoring any amortization in 2024,  what will be the total amount of expenditures that should be capitalized at the end of the year?

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In 2024, a company purchased two patents. Related information follows: Purchase price Legal and filing fees Patent 1 $ 650,000 40,000 Patent $ 350,000 35,000 In 2024, a company purchased two patents. Related information follows: Purchase price Legal and filing fees Patent 1 $ 650,000 40,000 Patent $ 350,000 35,000

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