Concord Industries Ltd. had one patent recorded on its books as at January 1, 2020....
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Concord Industries Ltd. had one patent recorded on its books as at January 1, 2020. This patent had a book value of $364.800 and a remaining useful life of 8 years. During 2020, Concord incurred research costs of $143,200 and brought a patent infringement suit against a competitor. On December 1, 2020, Concord received the good news that its patent was valid and that its competitor could not use the process Concord had patented. The company spent $102,000 to defend this patent. At what amount should the patent be reported on the December 31, 2020 statement of financial position, assuming monthly straight-line amortization of patents? Patent, carrying amount, 12/31/20
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