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Exercise 12-8 Sandhill Company has provided information on intangible assets as follows. Sandhill. and takes a full year's amortization in the year...

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  1. Prepare the intangibles section of Sandhill's balance sheet at December 31, 2017
  2. Prepare the income statement effect (related to expenses) for the year ended December 31, 2017, as a result of the facts above
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Exercise 12-8
Sandhill Company has provided information on intangible assets as follows.
Sandhill.
and takes a full year's amortization in the year of purchase.
Sandhill incurred research and development costs in 2017 as follows.
Materials and equipment
$143,400
Personnel
191,000
Indirect costs
102,900
$437,300
Sandhill estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses.
On January 1, 2017, because of recent events in the field, Sandhill estimates that the remaining life of the patent purchased on January 1, 2016, is only 5 years from January 1, 2017.

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