Sheridan Corp. incurred $890000 of research and development costs to develop a product for which a patent was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled $165000. On March 31, 2021, Sheridan paid $375000 for legal fees in a successful defense of the patent. The total amount capitalized for the patent through March 31, 2021 should be

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Asked Nov 21, 2019
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Sheridan Corp. incurred $890000 of research and development costs to develop a product for which a patent was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled $165000. On March 31, 2021, Sheridan paid $375000 for legal fees in a successful defense of the patent. The total amount capitalized for the patent through March 31, 2021 should be

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Research and development costs are expensed in the period in which it is incurred....

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