Question
Company ABC purchased a patent on June 1, 2020 for $225,000. In addition, they paid legal fees of $20,000 related to the acquisition. What is
Company ABC purchased a patent on June 1, 2020 for $225,000. In addition, they paid legal fees of $20,000 related to the acquisition. What is the amount that should be capitalized to the patent account?
Question 10 options:
A. 245,000
B. 20,000
C. 225,000
D. 205,000
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
13th edition
1285868781, 978-1285868783
