Information Concerning Santori Corporation's Intangible Assets Is as Follows

question 34

Essay

Information concerning Santori Corporation's intangible assets is as follows:
Santori incurred $352,000 of experimental and development costs in its laboratory to develop a patent that was granted on January 2,2014.Legal fees and other costs associated with registration of the patent totaled $65,600.Thomas estimates that the useful life of the patent will be eight years.
A second patent was purchased from Lowman Company for $160,000 on July 1,2011.Expenditures for successful litigation in defense of this patent totaling $40,000 were paid on July 1,2014.Thomas estimates that the useful life of the patent will be 20 years from the date of acquisition.
Prepare a schedule showing the intangible assets section of Santori's balance sheet at December 31,2014.

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Definitions:

Mitochondrion

A membrane-bound organelle found in most eukaryotic cells that produces energy through cellular respiration, often referred to as the powerhouse of the cell.

Electron Transport Phosphorylation

The process through which ATP is produced during the final stages of cellular respiration in the mitochondria, driven by the electron transport chain.

Aerobic Organisms

Living beings that require oxygen to survive and to carry out cellular respiration.

Final Electron Acceptor

A molecule that accepts electrons at the end of an electron transport chain, facilitating the conservation of energy in the form of ATP.