Purchased a patent for $$35,000.$ Legal costs of $$5,000$ were also incurred.

Costs paid to improve patent:

Engineering costs

Assembling and testing prototypes

Other R&D costs

$3.$ Licensed a manufacturing process to another company and received $$80,000$ as an advance payment.

$4.$ Successfully defended a patent infringement suit at a cost of $$12,000.$

$5.$ Earned $$5,000$ of the advance payment on the licensed manufacturing process in Itern $4$

GENERAL JOURNAL

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