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Discuss what is the proper way to account for this cost

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Crane company from time to time embarks on a research project seems to offer possibilities. In 2016, the company expends $331,500 on a research projects, but by the end of 2016 it is impossible to determine weather any benefit will be derived from it.

In 2018, the company successfully defends the patent in extended litigation at cost of $58,400, thereby extending the patent life December 31, 2025 What is the proper way to account for this cost? Also, record patent amortization (full year) in 2018.

Reference no: EM131791944

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