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E Company incurred $350,000 of research & development costs in its laboratory to develop a patent granted on January 1, 2013. The original cost of
E Company incurred $350,000 of research & development costs in its laboratory to develop a patent granted on January 1, 2013. The original cost of the patent on January 1, 2013 was $10,000. On July 31, 2013, E Company paid $52,000 for legal fees in a successful defense of the patent. The company does not make adjusting entries until December 31, 2013. The total amount debited to Patents through July 31, 2013 should be:
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