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Margaret avery company from time to time embarks on a

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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 $322,470 on a research project, but by the end of 2011 it is impossible to determine whether any benefit will be derived from it.

The project is completed in 2012, and a successful patent is obtained. The R&D costs to complete the project are $125,910. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2012 total $39,900. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization in 2012. show accounts titles and explinations, record journal entries to recoed research and development, legal and adminstrative costs.

Reference no: EM13589250

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