Audit of Intangibles JUST DO IT! CORP. has provided information on intangible assets as follows: I A patent was purchased from Bethe Best Company for F6,000,000 on January 1, 2021. On the acquisition date, the patent was estimated to have a useful life of 5 years. The patent had a net book value of P6,000,000 when Be the Best sold it to Just Do it!. I On March 1, 2022, a franchise was purchased from the Franchisor |Company for B1,440,000. The contract which runs for 20 years provides that 5% of revenue from the franchise must he paid to Franchisor. Revenue from the franchise for 2022 was B?,500,000. I The following research and development costs were incurred by Just Do it! in 2022: Materials and equipment P 426,000 Personnel 562,000 Indirect costs 306,000 Total 191,299,000 Because of recent events, Just Do itl, on January 1, 2022, estimates that the remaining useful life of the patent purchased on January 1, 2021, is only 5 years from January 1, 2022