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Record costs in journal entry form

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Question - Sheridan Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2016, the company expends $323,000 on a research project, but by the end of 2016 it is impossible to determine whether any benefit will be derived from it.

The project is completed in 2017, and a successful patent is obtained. The R&D costs to complete the project are $113,000. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2017 total $16,600. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2017.

Reference no: EM132482129

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