[A TextBox - Image . [ Shape - Link Audio and video Azure, Inc: reported other noncurrent asset account balances on December 31, 2016, as follows: Patent. P192,000 Accumulated amortization ........ (24,000) Net patent ........ P168,000 Transactions during 2017 and other information relating to Azure's other noncurrent assets included the following: . Required: The patent was purchased from Ruby Company on January 2, 2015, 1. Prepare a schedule of amortization for 2017 relating to Azure's when the remaining legal life was 16 years. On January 2, 2017, Azure determined that the remaining useful life of the patent was other noncurrent assets assuming Azure chooses the maximum only eight years from the date of its acquisition. amortization period for intangibles. b. On January 3, 2017, in connection with the purchase of a trademark 2. Prepare the other noncurrent assets section of the balance sheet for from Golden Corp., the parties entered into a noncompetition Azure on December 31, 2017. agreement. Azure paid Golden P800,000, of which three-quarters related to the trademark and one-quarter reflected Golden's agreement not to compete for a period of five years in the line of business covered by the trademark. Azure considers the life of the trademark to be indefinite. c. On January 3, 2017. Azure acquired all the noncash assets and assumed all liabilities of White Company at a cash purchase price of P1,200,000. Azure determined that the fair value of the net assets acquired in the transaction is P800,000