During2014Dylan Co.incurred$880,000of research and development costs to develop a product for which a patent was granted on
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During2014Dylan Co.incurred$880,000of research and development costs to develop a product for which a patent was granted on October1,2014.The patent is expected to have a useful life of8years from the date it was obtained.Dylan Co.also paid$240,000for legal fees to obtain the patent.The amount of research and development expense for 2014 is $880,000.
Using the information, what amount should be reported, net of amortization, for any intangible asset on the December 31, 2014 Balance Sheet?
A. $232,500
B. $110,000
C. $342,500
D. $1,120,000
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