Micro Facilities incurs the following costs during the year A new patent is purchased for $ 6 2 0 , 0 0 0 from Techno Company The patent gives Micro exclusive right to sell specialized data storage units Internal costs of $ 5 2 0 , 0 0 0 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 $ 4 7 0 , 0 0 0 By the end of the year, the company applies for and receives a patent on the sound component Advertising costs of $ 2 7 0 , 0 0 0 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 )

Question

Micro Facilities incurs the following costs during the year  A new patent is purchased for $ 6 2 0 , 0 0 0 from Techno Company  The patent gives Micro exclusive right to sell specialized data storage units  Internal costs of $ 5 2 0 , 0 0 0 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 $ 4 7 0 , 0 0 0   By the end of the year, the company applies for and receives a patent on the sound component  Advertising costs of $ 2 7 0 , 0 0 0 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  )

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Micro Facilities incurs the following costs during the year. A new patent is purchased for $ 6 2 0 , 0 0 0 from Techno

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