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How High Tech Corp capitalize as intangible asset-patent

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Reference no: EM132522656

Question - During 2020, High Tech Corp spent the following to develop a COVID 19 vaccine.

Labor $900,000

Lab supplies 300,000

Clinical trials 500,000

Patent filing fees 15,000

High Tech Corp also purchased a COVID 19 test patent from Rapid Dev Company on July 1, 2020 for $2,250,000.

How much will High Tech Corp capitalize as intangible asset-patent in 2020?

Reference no: EM132522656

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