Use PAS 38 as the basis for your answer.

Julie Co. incurred the following expenditures in establishing its taxi business in a loral city. At December 31, 2021, Julie Co. made the following assessments: - Economic life of the taxi license: five years from June 30,2021 (the date of acquisition) - Residual value of the taxi licenses: nil - The entity expects to consume the taxi licenses' future economic benefits evenly over five years from the date of acquisition - There is no indication that the taxi licenses might be impaired. The taxi drivers own their own vehicles which they operate under Julie Co.'s taxi licenses. Questions: Based on the above, compute for the following: 1. Cost of intangible assets at initial recognition a. 7,000 c. 90,000 b. P107,000 d. 97,000 2. Amortization in 2021 a. 7,000 c. 9,700 b. P9,000 d. P10,700 3. Carrying amount of intangible assets as of December 31, 2021 a. P6,300 c. 87,300 b. $96,300 d. 81,000 4. Total expenses in 2021 relating to establishment of taxi business a. $11,200 c. 32,300 b. 21,300 d. $112,300 5. Carrying amount of intangible assets as of December 31, 2022 a. $49,000 c. P63,000 b. P74,900 d. 67,900