Aspen, Inc. developed a new horse transport device and incurred research and development costs of $250,000. Rather than continue with their own research, Aspen decided to purchase a patent for a similar design from Vail, Inc. for $350,000. What are the total assets and expenses for these developments

Total assets= $350,000

Total expenses= $250,000

Explanation:

Aspen incorporation developed a new horse transport device

During the period of the research and development of this transport device a lot of costs were incurred

Expenses can be described as the amount of money that is spent by a company inorder to generate profit

In the scenario described above, Aspen incorporation incurred $250,000 during the period of the transport device development

Hence the total amount of expenses is $250,000

Patent can be described as a type of intangible assets that, although this type of assets is a bit hard to estimate it's value, it is still grouped as an asset.

It is a full right that is given to an organisation, it gives them complete control and access to manufacture or produce a particular product for a long time.

In the scenario described above, Aspen purchased an identical design from Vail incorporation for $350,000

Hence the total assets is $350,000

answer; /// i believe the answer is (insider trading)

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!