On March 17, Advanced Technologies purchased a patent related to laser surgery techniques. The purchase...
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On March 17, Advanced Technologies purchased a patent related to laser surgery techniques. The purchase price of the patent is $1,400,000. The patent is expected to benefit the company for the next five years. The company had the following additional costs: $40,000 in legal fees associated with the purchase and filing of the patent, $55,000 to advertise its new laser surgery techniques, and $65,000 to train employees. None of these additional costs were included in the purchase price or paid to the seller. What is the recorded cost of the patent?
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