2. Patent- ABC Company develops cures for cancer. A. ABC spent $1,000,000 develo

Question

2. Patent- ABC Company develops cures for cancer. A. ABC spent $1,000,000 developing a cure for pancreatic cancer. They submitted a patent application that costs $30,000 to prepare and $10,000 filing fees. B. ABC acquired patents from Komen Corp for possible cures for breast cancer. ABC paid $500,000 for these patents. After acquiring the patents, ABC spent $250,000 to further advance the cure for breast cancer. C. ABC successfully defended a patent infringement lawsuit against its brain cancer drug patents. ABC spent $60,000 in legal fees on the lawsuit. What is recorded in the Patent long-term asset account? ____________________________ What is recorded in R&D and other expense accounts? ______________________________

Explanation / Answer

What is recorded in the Patent long-term asset account?

Patent long-term asset account patent application 30000 filing fees 10000 Purchassed patent cost 500000 Legal fees 60000 Patent long-term asset 600000

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