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Problem 5 Dwight Co. bought a patent for P216,000 on October 1, 2018, from a competitor who just filed for bankruptcy. The patent has an
Problem 5 Dwight Co. bought a patent for P216,000 on October 1, 2018, from a competitor who just filed for bankruptcy. The patent has an estimated useful life of 10 years on the date of purchase. On June 1, 2020, Dwight spent P56,880 to successfully prosecute a patent infringement. In addition, the patent's estimated useful life was extended to 12 years from June 1, 2020. At the beginning of 2022, Dwight determined that a competitor's product would make the patent worthless at the end of 2023. Based on the preceding information, calculated the amortization of the patent for each of the following years: 21. 2018 22. 2019 23. 2020 24. 2021 25. 2022
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