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Question
hopson company incurred $450,000 of research and development costs in its laboratory to develop a new product. it spent $60,000 in legal fees for a patent granted on january 2, 2012. on july 31, 2012, hopson paid $45,000 for legal fees in a successful defense of the patent. what is the total amount that should be debited to patents through july 31, 2012?
a.$450,000
b.$105,000
c.$555,000
d.some other amount
Answer
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