Business, 17.12.2019 03:31, Nanamoney5385
During 2009, a) thompson corporation spent $170,000 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, 2009, and had a legal life of 20 years and a useful life of 10 years. b) legal costs of $24,000 related to the patent were incurred as of october 1, 2009.
(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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During 2009, a) thompson corporation spent $170,000 in research and development costs. as a result,...
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