Question
Lopez Corp. incurred $420,000 in research and development costs to develop a product for which a patent was granted on January 2, 2006. Legal fees
Lopez Corp. incurred $420,000 in research and development costs to develop a product for which a patent was granted on January 2, 2006. Legal fees and other costs associated with filing the patent totaled $80,000. On March 31, 2011, Lopez paid $150,000 in legal fees in a successful defence of the patent.
What will be the total amount capitalized by the patent until March 31, 2011?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
