| Problem 2 Transactions during 2020 of the newly organized Pink Corporation included the following: Jan. 2 15 Apr. 1 May 1 July Paid legal fees of P150,000 and stock certificate costs of P83,000 to complete organization of the corporation. Hired a clown to stand in front of the corporate office for 2 weeks and hound out pamphlets and candy to create goodwill for the new enterprise. Clown cost, P10,000; pamphlets and candy, P5,000. Patented a newly developed process with costs as follows: Legal fees to obtain patent Patent application and licensing fees Total P 429,000 63,500 P 492,500 It is estimated that in 6 years other companies will have developed improved processes, making the Pink Corporation process obsolete. Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 6,000 shares of Pink's no-par common stock selling for P50 per share. The license is worth twice as much as the trademark, both of which may be used for 6 years. 1 Constructed a shed for P1,310,000 to house prototypes of experimental models to be developed in future research projects. Dec. 31 Incurred salaries for an engineer and chemist involved in product development totaling P1,750,000 in 2020. Required: Based on the above and the result of your audit, determine the following: 1. Cost of patent 2. Cost of licenses 3. Cost of trademark 4. Carrying amount of Intangible Assets 5. Total amount resulting from the foregoing transactions that should be expensed when incurred