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The project is completed in 2012, and a successful patent is obtained. The R&D costs to complete the project are 131270. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2012 total 24600. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2012

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9955715

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