On January 1, 2020, Toxic Company purchased a patent for P7,140,000. The patent is being amortized over the remaining legal life of 15 years. During 2023, the entity determined that the economic benefits would not last longer than 10 years from the date of acquisition. Prepare the amortization schedule. 2020 2021 2022 2023 2024 FINANCIAL POSITION Original Patent Cost 7,140,000 7,140,000 7,140,000 7,140,000 7,140,000 Accumulated amortization Net book value STATEMENT OF INCOME Original Patent Amortization expense FINANCIAL POSITION 2025 2026 2027 2028 773,500 2029 773,500 Original Patent Cost 7,140,000 7,140,000 7,140,000 7,140,000 7,140,000 Accumulated amortization Net book value STATEMENT OF INCOME Original Patent Amortization expense 773,500 773,500 773,500 773,500 773,500