Reference no: EM132957288
Question - Golden Company developed a new machine for manufacturing baseballs. Because the machine is considered very valuable, the entity had it patented. The following expenditures were incurred in developing and patenting the machine.
-Purchase of special equipment to be used solely for development of the new machine, P1,700,000
-Research salaries and fringe benefits for engineers and scientists, P300,000
-Cost of testing prototype, P200,000
-Legal cost for filing of patent, P6,000
-Fees paid to government patent office, P40,000
-Drawings required by patent office to be filed with patent application, P50,000
How much is the cost of patent and research and development expense?
a. Patent P96,000; Research and Development expense P500,000
b. Patent P96,000; Research and Development expense P2,200,000
c. Patent P296,000; Research and Development expense P2,000,000
d. Patent P396,000; Research and Development expense P1,900,000
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