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Prepare the journal entries for these transactions

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Question - 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. As the company's accountant, you have been asked to prepare the journal entries for these transactions, including any adjustments for the year ended December 31, 2016.

Reference no: EM133119013

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