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Rebom Co. purchased a patent from Colonello Co. for P330,000 on July 1, 2016. On July 1, 2019, the entity purchased a competing patent for
Rebom Co. purchased a patent from Colonello Co. for P330,000 on July 1, 2016. On July 1, 2019, the entity purchased a competing patent for P102,000 in order to protect the original patent. On October 1, 2019, Expenditures of 90,000 for successful litigation in defense of the patent were paid. Reborn estimates that the useful life of the patent will be 20 years from the date of acquisition What is the carrying value of the patent at December 31, 2019
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