On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,370,000...

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On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,370,000 to develop the patent internally, consisting of personnel ($885,000), equipment ($351,000), and materials ($134,000). The company also had the following additional costs: $37,000 in legal fees associated with the purchase and filing of the patent, $52,000 to advertise its new laser surgery techniques, and $62,000 to train employees. What is the recorded cost of the patent? On March 17, Advanced Technologies developed a patent related to laser surgery techniques. They spent $1,370,000 to develop the patent internally, consisting of personnel ($885,000), equipment ($351,000), and materials ($134,000). The company also had the following additional costs: $37,000 in legal fees associated with the purchase and filing of the patent, $52,000 to advertise its new laser surgery techniques, and $62,000 to train employees. What is the recorded cost of the patent?

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ANSWER To determine the recorded cost of the patent we need to consider all the costs directly ... View the full answer