On January 1, 2018, Kaya Natin Ito, Inc. acquired a patent for a cash price equivalent to P8,550,000. The patent is being amortized over its remaining legal life of 15 years which is expected to expire on January 1, 2033. In 2022, however, after the careful evaluation of Kaya Natin Ito, Inc, it was determined that the economic benefits of the patent appeared to be not more than ten years from the date of its acquisition. On December 31, 2023, there is an indication that the acquired patent may be impaired. The patent is expected to generate cash flows of P1, 150,000 per year based on its remaining useful life. It was determined that the appropriate discount rate is 10%. The present value of an ordinary annuity of I for 9 periods at 10% is 5.76. The present value of an ordinary annuity of 1 for 4 periods at 10% is 3.17. The patent has no determinable fair value less cost of disposal.

1. What is the amount of amortization to be recognized in 2021?

2. What is the carrying amount of the patent as of December 31, 2022?

3. How much will be recognized as impairment loss related to the acquired patent in 2023?

4. What is the carrying amount of the patent as of December 31, 2024?