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Prepare journal entries for transactions for solar vehicles

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Solar Vehicles Inc. discovered a new method of powering a vehicle that can travel an unlimited number of kilometres on a sunny day. As of December 1, 2016, the company incurred $200,000 in research costs and $500,000 in development costs, leading to a successful patent application. The company expects the vehicle to have a useful life of 10 years

Problem 1: Prepare the journal entries for these transactions, including any adjustments for the year ended December 31, 2016.

Reference no: EM132823492

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