Ruthie's Radios spent $50,000 in cash in 2019 developing a new type of radio knob. The wages allocated to this project were $20,000 and the raw materials for the prototype were $14,000. The remaining $16,000 was the cost of legal and other fees related to obtaining the patent.

The journal entry to record the patent is:

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To record the patent you would make the following jour... View the full answer