P10-7B Whitley Company
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The posting has solution to question 10-7B relating to intangible assets of Whitley Company.
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a. The Journal entries are
Jan. 2 Patents .................................................... 18,000
Cash................................................. 18,000
The cash paid for defending the patent is capitalized in the patent cost and is not charged to expense
Jan.- Research and Development
June Expense .............................................. 140,000
Cash................................................. 140,000
All research and development costs are to be expensed
Sept. 1 Advertising ...
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