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Palmas bought a franchise from Sister Company on January 1, 2019, for P 700,000. The carrying amount of the franchise on Sister's books on January

Palmas bought a franchise from Sister Company on January 1, 2019, for P 700,000. The carrying amount of the franchise on Sister's books on January 1, 2019 was P 1,00,000 The franchise agreement had an estimated useful life of 30 years. Because Palmas must enter a competitive bidding at the end of 2018, it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020?

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