In 20x1, G Co. started to develop a patent. Total costs incurred during the year amounting to P400,000. On January 1, 20x2, the patent was fully developed. Legal and registration cost incurred in registering the patent amounted to P300,000. It was estimated that the patent has a useful life of 25 years.In 20x4, G Co. started to develop a new improved patent to extend the life of the old patent. Development costs totaled P800,000. How much is the carrying amount of the patent on December 31, 20x4?

In 20x1, G Co. started to develop a patent. Total costs incurred during the year amounting to P400,000. On January 1, 20x2, the patent was fully developed. Legal and registration cost incurred in registering the patent amounted to P300,000. It was estimated that the patent has a useful life of 25 years.In 20x4, G Co. started to develop a new improved patent to extend the life of the old patent. Development costs totaled P800,000. How much is the carrying amount of the patent on December 31, 20x4?

Name: In 20x1, G Co. started to develop a patent. Total costs incurred duri
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Description: In 20x1, G Co. started to develop a patent. Total costs incurred during the yearamounting to P400,000. On January 1, 20x2, the patent was fully developed.Legal and registration cost incurred in registering the patent amounted toP300,000. It was esti

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 13E

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