Rooney Company incurred $560,000 of research and development cost in its laboratory to develop a patent granted on January 1, 2021.On July 31, 2021, Rooney paid $84,000 for legal fees in a successful defense of the patent.The total amount debited to Patents through July 31, 2021, is

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Research and development costs are expensed as incurred and not capitalized as part of the patent cost. Only the legal fees of $84,000 for the successful defense of the patent are capitalized and debited to the Patents account.

Rooney Company Incurred $560,000 of Research and Development Cost in Its