Maris Corporation acquired a patent on May 1, 2008.Maris paid cash of $25,000 to the seller.Legal fees of $1,000 were paid related to the acquisition.What amount should be debited to the patent account?

Question

Quizplus · Accepted Answer

The amount debited to the patent account should include both the purchase price and any additional costs directly related to the acquisition, such as legal fees. Therefore, the total amount is $25,000 (purchase price) + $1,000 (legal fees) = $26,000.

Maris Corporation Acquired a Patent on May 1, 2008