Total amount capitalized for the patent account, Financial Accounting

Assignment Help:

Gomez incurred $350,000 of research and development costs to develop a product for which a patent was granted on January 2, 2008. Legal fees and other costs associated with the registration of the patent totaled $100,000. On January 1, 2012, Gomez paid legal fees of $150,000 in a successful defense of the patent.Show calculations. The total amount capitalized for the patent account (ignoring amortization) through January 1, 2013 should be
a. $100,000
b. $250,000
c. $500,000
d. $600,000


Related Discussions:- Total amount capitalized for the patent account

Calculate the total cash flow, Oswald Corporation reported the following in...

Oswald Corporation reported the following information on operations for 2009: Revenue = $2,000 Cost of goods sold = $850 Operating expenses =$395 Depreciation =$248

Statement of cash flow, under gaap, are proceeds from capital lease obligat...

under gaap, are proceeds from capital lease obligation reported in the statement of cash flow and why

Clean opinion in auditor''s work, Unqualified Opinion - AUDIT opinion not q...

Unqualified Opinion - AUDIT opinion not qualified for any material scope restrictions nor departures from GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). AUDITOR may issue an unqu

Quantitative techniques, Evaluate 1-1/3(5/6 - 1/2) ---------------- 2/5 / ...

Evaluate 1-1/3(5/6 - 1/2) ---------------- 2/5 / 2/5(5/6-2/3)

Service revenue earned on account, what type of transaction is a service re...

what type of transaction is a service revenue earned on account? a) asset source, b) asset use, c) asset exchange or d) claims exchange?

Determine the investment''s net present value, Question Capital Expenditure...

Question Capital Expenditure Decisions and Investment Criteria Bodmin plc Bodmin plc is a highly profitable electronics company that manufactures a range of innovative produ

Identify the depreciation methods, Identify the Depreciation Methods O...

Identify the Depreciation Methods On January 3, 2005, XYZ Distribution Co. paid $224,000 for a computer system. In addition to the basic purchase price, the company paid a set

Cost recovery deductions, On May 19, 2010, Kim placed in service a LIGHT VA...

On May 19, 2010, Kim placed in service a LIGHT VAN that cost $54,850. It is used 80% for business each year. What is the maximum cost recovery deduction available for the van in 20

Show the basis of weightings, Q. Show the Basis of weightings? (i) Both...

Q. Show the Basis of weightings? (i) Both costs of capital (Ke and Kd) as well as the WACC have been calculated using current   ex-dividend (ex-interest) market values rather t

Determine the price of an asset paying - one period bond , Suppose the inte...

Suppose the interest rate for a one-period bond is 4%. (a) What is the price of an asset paying (1,1,1) which means 1 after 1 period, 1 after 2 periods, and 1 after 3 periods.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd