e years. MOBY S7-13. (Learning Objective 5: Accounting for patents and research and development costs) This exercise summarizes the accounting for patents, which, like copyrights, trademarks, and franchises, provide the owner with a special right or privilege. It also covers research and development costs. Suppose Solar Automobiles Limited paid $700,000 to research and develop a new global positioning system. Solar also paid $420,000 to acquire a patent on a new motor, After readying the motor for production, Solar's sales revenue for the first year totaled $5,600,000. Cost of goods sold was $3.900,000, and selling expenses totaled 5580.000, All these transactions occurred during 20X6. Solar expects the patent to have a useful life of seven years. Prepare Solar Automobiles' Income Statement for the year ended December 31, 20X6. complete with a heading. Ignore income tax. POUM VANCED