Brief Exercise 12-9

Skysong Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $432,000 and a remaining useful life of 8 years. During 2017, Skysong incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Skysong received the good news that its patent was valid and that its competitor could not use the process Skysong had patented. The company incurred $110,500 to defend this patent. At what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents?

Brief Exercise 12-9 Skysong Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $432,000 and a remaining useful lfe of 8 years. During 2017, Skysong incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Skysong received the good news that its patent was valid and that its competitor could not use the process Skysong had patented. The company incurred $110,500 to defend this patent.what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents- The amount to be reported Click if you would like to Show Work for this question: pen Show Work