Show Attempt History

Current Attempt in Progress

Ivanhoe Company from time to time embarks on a research program when a special project seems to offer possibilities. In $2024,$ the company expends $$321,500$ on a research project, but by the end of $2024$ it is impossible to determine whether any benefit will be derived from it$.$

$($b$)$

Your answer is partially correct.

The project is completed in $2025,$ and a successful patent is obtained. The R&D costs to complete the project are $$111,500.$ The administrative and legal expenses incurred in obtaining patent number $472-1001-84$ in $2025$ total $$16,500.$ The patent has an expected useful life of $5$ years. Record the costs for $2025$ in journal entry form. Also, record patent amortization $($full year$)$ in $2025.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$