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  3. micro facilities incurs the following costs during

Micro Facilities incurs the following costs during the year. - A new patent is purchased...

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Accounting

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Micro Facilities incurs the following costs during the year. - A new patent is purchased for $606,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. - Internal costs of $506,000 were used to research and develop a new high-resolution monitor. The company expects production to begin next year, and sales to customers to occur over the next five years. - An integrated sound component for video capture processes is developed using internal resources at a cost of $456,000. By the end of the year, the company applies for and receives a patent on the sound component. - Advertising costs of $256,000 were used in the current year to promote the company's products and services, including those expected to be released next year. Required: Record the expenditures. Assume all expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet A new patent is purchased for $606,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. Note: Enter debits befare credits

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