On January 1, 2016, Jericho Company purchased a patent for P7,140,000. The patent is being amortized over the

remaining legal life of 15 years expiring on January 1, 2031. During 2019, the entity determined that the economic

benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported

for the patent, net of accumulated amortization, on December 31, 2019?

A. 4,282,000 B. 4,896,000 C. 5,050,000 D. 5,236,000