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Blade Company spent a total of P510,000 in licensing a patent which was applied for on July 1,2XX0. The patent was issued on January 1,2X1.

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Blade Company spent a total of P510,000 in licensing a patent which was applied for on July 1,2XX0. The patent was issued on January 1,2X1. The useful life of the patent is 15 years. On January 1, 2XX3, the entity purchased a related patent for P720,000. The related patent has a remaining useful life of 16 years. The related patent is believed to extend the useful life of the old patent. Prepare Crystal Company summarized the following transactions pertaining to the patent: Prepare the amortization schedule

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