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QUESTION
During 2014 Dylan Co. incurred $880,000 of research and development costs to develop a product for which a patent was granted on October 1, 2014.
During 2014 Dylan Co. incurred $880,000 of research and development costs to develop a product for which a patent was granted on October 1, 2014. The patent is expected to have a useful life of 8 years from the date it was obtained. Dylan Co. also paid $240,000 for legal fees to obtain the patent. What is the amount of research and development expense for 2014?
