4. JPIA Company incurred P298, 350 of research and development cost to develop a product for which a patent was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled P66, 300. On January 2, 2022, JPIA paid P93, 600 for legal fees in an unsuccessful defense of the patent. The estimated useful life of the patent is equal to its legal life. What total amount of should JPIA charged against income during 2022?

4. JPIA Company incurred P298, 350 of research and development cost to develop a product for which a patent was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled P66, 300. On January 2, 2022, JPIA paid P93, 600 for legal fees in an unsuccessful defense of the patent. The estimated useful life of the patent is equal to its legal life. What total amount of should JPIA charged against income during 2022?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 7MC

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