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In the current year, a company incurred $150,000 of research and development costs in its laboratory to develop a new product. It also spent $20,000

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In the current year, a company incurred $150,000 of research and development costs in its laboratory to develop a new product. It also spent $20,000 in legal fees for a patent on that new product. Later in the current year, the company paid $15,000 for legal fees in a successful defense of its patent. What is the total amount that should be debited to the company's Patents account in the current year

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