Business, 02.12.2019 18:31 sydneydavis57

During 2016, flint corporation spent $171,360 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. legal costs of $45,360 related to the patent were incurred as of october 1, 2016.
(1) prepare all journal entries required in 2016 and 2017 as a result of the transactions above.

(2) on june 1, 2018, fint 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, 2018. prepare all journal entries required in 2018 and 2019.

(3) in 2020, thompson determined that a competitor

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During 2016, flint corporation spent $171,360 in research and development costs. as a result, a new...

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