During 2016, Sarasota Corporation spent $164,160 in research and development costs. As a result, a new product called the New Ag

Question

3 years ago

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During 2016, Sarasota Corporation spent $164,160 in research and development costs. As a result, a new product called the New Ag

e 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. Legal costs of $36,720 related to the patent were incurred as of October 1, 2016.On June 1, 2018, Sarasota spent $9,720 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2018. Prepare all journal entries required in 2018 and 2019.

Business

1 answer:

Arturiano [62] · Answer 1 · 2022-06-11T13:28:02+03:00

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

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