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Can someone help please for correct answer and please explain in very detail explanation how the number come from. Thank in advance. Bethany incurred $41,500
Can someone help please for correct answer and please explain in very detail explanation how the number come from.
Thank in advance.
Bethany incurred $41,500 in research and experimental costs for developing a specialized product during July of year 1. Bethany went through a lot of trouble and spent $23,000 in legal fees to receive a patent for the product in August of year 3. Bethany expects the patent to have a remaining useful life of 10 years. (Do not round intermediate calculations. Round your final answers to nearest whole dollar a. What amount of research and experimental expenses for year 1, year 2, and year 3 may Bethany deduct if she elects to amortize the expenses over 60 months? esearc Year ex ses 4,150 8,300 4,842 b. How much patent amortization expense would Bethany deduct in year 3, assuming she elected to amortize the research and experimental costs over 60 months? Answer is complete but not entirely correct. $ 1.157 c. If Bethany chose to capitalize but not amortize the research and experimental expenses she incurred in year 1, how much patent amortization expense would Bethany deduct in year 3? Answer is complete but not entirely correct. pat S 1,581Step by Step Solution
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