Exercise 7-4 (Static) Record expenditures related to intangibles (LO7-2) Micro Facilities incurs the following costs during the year. A new patent is purchased for $600,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. Internal costs of $500,000 were used to research and develop a new high-resolution monitor. The company expects production to begin next year, and sales to customers to occur over the next five years. An integrated sound component for video capture processes is developed using internal resources at a cost of $450,000. By the end of the year, the company applies for and receives a patent on the sound component. Advertising costs of $250,000 were used in the current year to promote the company's products and services, including those expected to be released next year. Required: Record the expenditures. Assume all expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 A new patent is purchased for $600,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general joumal