eBook Exercise 8-30 Intangible Assets Phoebe, Inc., incurred the following expenditures: . Research and development costs of $60,000 were incurred to develop a new patentable product. .Paid $1,000 in application fees for the patent. . Paid $12,000 in legal fees to register the awarded patent. . Incurred $5,000 in legal fees to successfully defend the patent against a competitor. Required: Determine the total cost of the patent. 0 Icon Key 4Exercise.08.30