Fanatics Company purchased a patent at the beginning of 2013 for $450,000. Economic benefits were expected for only 10 years, but the patent's legal life is 20 years. Also during 2013, the company incurred research and development costs of $185,000.

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The Answer of Fanatics Company purchased a patent at the beginning of 2013 for $450,000. Economic benefits were expected for only 10 years, but the patent's legal life is 20 years. Also during 2013, the company incurred research and development costs of $185,000.

Fanatics Company Purchased a Patent at the Beginning of 2013