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美國CPA模擬試題：Financial（1）
During the current year, Jase Co. incurred research and development costs of $136,000 in its laboratories relating to a patent that was granted on July 1. Costs of registering the patent equaled $34,000. The patent's legal life is 17 years, and its estimated economic life is 10 years. In its December 31, balance sheet, what amount should Jase report as patent, net of accumulated amortization under U.S. GAAP?
a. $33,000
b. $32,300
c. $161,500
d. $165,000
Explanation
Choice "b" is correct. Under U.S. GAAP, the research and development costs should be expensed. The patent will be capitalized and amortized over 10 years (the lesser of legal life or economic life). Current year amortization equals $1,700 ($34,000/10 x 6/12). The patent balance at year-end is $32,300 ($34,000 - $1,700).
Choice "a" is incorrect. The amortization should be calculated based on the lesser of legal life or economic life.
Choice "c" is incorrect. The research and development costs should not be capitalized as part of the cost of the patent.
Choice "d" is incorrect. The research and development costs should not be capitalized as part of the cost of the patent.
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