Business, 06.12.2021 23:10 colochaortiz20p7cajw

Nieland Industries had one patent recorded on its books as of January 1, 2020. Additional information concerning this patent follows. Book value, January 1, 2020 $288,000 Remaining useful life 8 years During 2020, Nieland incurred research and development costs and brought a patent infringement suit against a competitor. On December 1, 2020, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. Cost information concerning these items follows: Research and development costs $96,000
Patent infringement defense costs 85,000
At what amount should patent(s) be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents?

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Nieland Industries had one patent recorded on its books as of January 1, 2020. Additional informatio...

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