What amount should innovative technologies record, Accounting Basics

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What amount should innovative technologies record

Innovative Technologies, Inc. incurred research and development costs of $150,000 and legal fees of $42,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Innovative Technologies record as Patent Amortization Expense in the first year?

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Accounting Basics: What amount should innovative technologies record

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Innovative Technologies, Inc. incurred research and development costs of $150,000 and legal fees of $42,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years.

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Accounting Basics: What amount should innovative technologies record

Reference No:- TGS0681106

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: What amount should innovative technologies record

Reference No:- TGS0681106

Recent Questions Asked Accounting Basics

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Q : What amount should innovative technologies record

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