In 2020, ABC Machine Company spent P352,000 on research and development costs for an invention. This invention was patented on January 2, 2021, paying P24,000 for licensing and legal fees to secure it. The patent has a legal life of 17 years and an estimated useful life of 8 years. In January 2025, ABC paid P32,000 for legal fees in a successful defense of the patent. Related to the patent, the expense for the year 2025 is?
In 2020, ABC Machine Company spent P352,000 on research and development costs for an invention. This invention was patented on January 2, 2021, paying P24,000 for licensing and legal fees to secure it. The patent has a legal life of 17 years and an estimated useful life of 8 years. In January 2025, ABC paid P32,000 for legal fees in a successful defense of the patent. Related to the patent, the expense for the year 2025 is?
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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9. In 2020, ABC Machine Company spent P352,000 on research and development costs for an invention. This invention was patented on January 2, 2021, paying P24,000 for licensing and legal fees to secure it. The patent has a legal life of 17 years and an estimated useful life of 8 years. In January 2025, ABC paid P32,000 for legal fees in a successful defense of the patent. Related to the patent, the expense for the year 2025 is?
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