Prepare journal entries for the acquisition of the patent

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Reference no: EM133474383

Case: Non-current Assets Marquez Ltd acquires a patent for $55,200 cash (including GST). It then uses the patent to develop product prototypes before production can commence. Bank records show it spend $24,150 (including GST) on this development. As a result, an independent valuer believes that the fair value of the patent is $74,000.

Question: Prepare journal entries for (a) the acquisition of the patent; (b) development of product prototypes; and (c) revaluation of the patent.

Reference no: EM133474383

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