Mardaloop Inc. is developing a new process which it plans to sell. During 2016, 2017, the company had capitalized $1.5 million and $0.3 million respectively. An additional $0.4 million was spent in 2018. During 2018 it became apparent that, due to a lack of financial resources, the company would not be able to complete the project. What is the total amount of capitalized costs relating to this project at the end of 2018?  Grand Trunk Corp. incurred $160,000 of basic research and $50,000 of development costs to develop a product for which a patent was granted on January 2, 2012. Legal fees and other costs associated with registration of the patent totalled $60,000. On March 31, 2017, Grand Trunk paid $90,000 for legal fees in a successful defence of the patent. What is the total amount capitalized for the patent through March 31, 2017?

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To determine the total amount of capitalized costs relating to the project at the end of 2018 for Ma... View the full answer