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Please answer questions under Instructions. Sky Co., organized in 2014, provided you with the following information. Purchased a license for $20, 000 on July 1,
Please answer questions under Instructions.
Sky Co., organized in 2014, provided you with the following information. Purchased a license for $20, 000 on July 1, 2014. The license gives Sky exclusive rights to sell its services in the tri-state region and well expire on July 1, 2022. Purchased a patent on January 2, 2015, for $40, 000. It is estimated to have a 5-year life. Costs incurred to develop an exclusive Internet connection process as of June 1, 2015, were $45, 000. The process has an indefinite life. On April 1, 2015, Sky Co. purchased a small circuit board manufacturer for $350, 000. Goodwill recorded in the transaction was $90, 000. On July 1, 2015, legal fees for successful defense of the patent purchased on January 2, 2015, were $11, 400. Research and development costs incurred as of September 1, 2015, were $75, 000Step by Step Solution
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