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Bubba Inc. purchases in-process R&D from Seminole Corp. for $100,000 on October 31. Bubba Inc reports financial statements using GAAP. This R&D should be capitalized

Bubba Inc. purchases in-process R&D from Seminole Corp. for $100,000 on October 31. Bubba Inc reports financial statements using GAAP. This R&D should be capitalized on Bubba Inc's balance? TRUE or FALSE

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