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In 20x3, Margaret Manufacturing Company developed a new product to be marketed in 20x4. The following costs were incurred during 20x3: Development Departmental Costs: $350,000
In 20x3, Margaret Manufacturing Company developed a new product to be marketed in 20x4. The following costs were incurred during 20x3: Development Departmental Costs: $350,000 Materials and Supplies Consumed: 120,000 Compensation Paid to Research Consultants: 250,000 Total costs: $720,000 These costs are expected to be totally recovered by 20x5. What amount should be recognized as an intangible asset in 20x3?
A. 600,000
B. 350,000
C. 0
D. 720,000
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