Essay
Wang Fitness Co. purchased a patent at the beginning of 2017 for $120,000. Economic benefits were expected for only 12 years, but the patent's legal life is 17 years. Also, during 2017, the company incurred research and development costs of $50,000.
A. Determine the following amounts:
1. Research and development expense for 2017
2. Patent amortization expense for 2017
B. Prepare the Intangible Assets section of the balance sheet at December 31, 2017.
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