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What is the total amount that should be debited to patents

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Question 1: A company sells a plant asset that originally cost $400000 for $165000 on December 31, 2022. The accumulated depreciation account had a balance of $160000 after the current year's depreciation of $40000 had been recorded. The company should recognize a

Question 2: A Company incurred $930000 of research and development costs in its laboratory to develop a new product. It spent $174000 in legal fees for a patent granted on January 2, 2022. On July 31, 2022, the company paid $82000 for legal fees in a successful defense of the patent. What is the total amount that should be debited to Patents through July 31, 2022?

Reference no: EM132607081

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