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In early January 2020, HUMID Corporation applied for a trade name, incurring legal costs of P160,000. Based on new market research, HUMID determines that the

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In early January 2020, HUMID Corporation applied for a trade name, incurring legal costs of P160,000. Based on new market research, HUMID determines that the market value of the trade name is P120,000. In January 2021, HUMID incurred P7,800 of legal fees in a successful defense of its trade name. Trade name should be amortized based on legal life. What is the cost of Tradename? O P280,000 O P160,000 O P167,800 O P120,000 2 pts Question 70

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