During 2016
A. Bramble Corporation spent $178,560 in research and development costs. As a resu...
During 2016
A. Bramble Corporation spent $178,560 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years.
B. Legal costs of $30,000 related to the patent were incurred as of October 1, 2016.
1) Prepare all journal entries required in 2009 and 2010 as a result of the transactions above.2) On June 1, 2011, Thompson spent $12,400 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2011. Prepare all journal entries required in 2011 and 2012.3) In 2013, Thompson determined that a competitor.
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