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Dougherty Corp, a pharmaceutical company, began operations on January 1, 2016. Throughout 2016, the company conducted...

Dougherty Corp, a pharmaceutical company, began operations on January 1, 2016. Throughout 2016, the company conducted experiments and incurred a total of $500,000 to research and develop multiple drug products (paid with cash). On January 1, 2017, the company was able to obtain a patent for one of its products, Accrualaphed. To obtain the patent, Dougherty paid $10,000 of attorney’s fees. On January 1, 2017, the company believed the patent would last for 20 years and have no residual value at the end of 20 years. The company does not use the account "Accumulated Amortization." The journal entry on January 1, 2017 with regard to the above information includes a debit to ( ) for ( ) and credit to ( ) for ( )

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Journal entry on January 1, 2017: Account Titles and Explanation Debit Credit 1-Jan-17Patent S10,000 cash $10,000 To record patent acquired) The journal entry on January 1, 2017 with regard to the above information includes a debit to (Patent) for (S10,000) and a credit to (Cash) for (S10,000).

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