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At what amount should the company capitalize the patent

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Question - The Befort Company field for a patent on a new type of machine. The application costs totaled P12,000. R&D costs incurred to create the machine were P75,000. In the year in which the company filed for and received the patent, it spent P20,000 in the successful defense of a patent infringement suit.

Required -

1. At what amount should the company capitalize the patent?

2. How would you determine the economic life of the patent?

Reference no: EM132973059

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