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The answer is P50,000 . I just need the complete solution. On January 1, 2020, Claude Company purchased a patent from Dexter Company for P400,OOO.
The answer is P50,000. I just need the complete solution.
On January 1, 2020, Claude Company purchased a patent from Dexter Company for P400,OOO. Dexter has held this patent for 5 years. Claude estimates that the patent has a remaining useful life of 8 years. On January 1, 2022, Claude Company purchased a competitive patent from Leomord Company for P180,OOO in order to protect the old patent. The competitive patent has a remaining legal life and useful life of 20 years. On January I, 2023, Claude incurred litigation costs of P80,OOO in an unsuccessful defense of the patents held. How much is the patent amortization in 2020?
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Integrated Accounting For Windows
Authors: Dale A. Klooster, Warren Allen
5th Edition
0324312490, 9780324312492
