Margaret avery company from time to time embarks on a

Reference no: EM13578198

Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2011, the company expends $325,180 on a research project, but by the end of 2011 it is impossible to determine whether any benefit will be derived from it. (a) The project is completed in 2012, and a successful patent is obtained. The R&D costs to complete the project are $131,270. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2012 total $24,600. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2012.

Reference no: EM13578198

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