Julie Co. incurred the following expenditures in establishing its taxi business in a local city: Date May 1, 2016 June 30, 2016 June 30, 2016 July 1, 2016 July 1, 2016 Amount Additional information P 1,500 7,000 100,000 100 20,000 General start-up costs Legal costs directly attributable to the acquisition of the taxi licenses Payment to the taxi licensing authority for the taxi licenses, including P10,000 refundable purchase taxes Printing business cards of the drive Payment for an advertisement to be published every day for the next 12 months in a local daily newspaper At December 31, 2016, Julie Co. made the following assessments: Economic life of the taxi license: five years from June 30, 2016 (the date of acquisition) Residual value of the taxi licenses: nil The entity expects to consume the taxi licenses' future economic benefits evenly over five years from the date of acquisition There is no indication that the taxi licenses might be impaired. The taxi drivers own their own vehicles which they operate under Julie Co.'s taxi licenses. Questions: Based on the above, compute for the following: 1. Cost of intangible assets at initial recognition 2. Amortization in 2016 3. Carrying amount of intangible assets as of December 31, 2016 4. Total expenses in 2016 relating to establishment of taxi business 5. Carrying amount of intangible assets as of December 31, 2017