On Jan 1, 20X1, ABC Corp purchased a patent for P90,000. At the time of purchase the patent was valid for 15 years, however the patent's useful life was estimated to be only ten years due to the competitive nature of the product. How much is the amortization of patent at Dec 31, 20X1?

On Jan 1, 20X1, ABC Corp purchased a patent for P90,000. At the time of purchase the patent was valid for 15 years, however the patent's useful life was estimated to be only ten years due to the competitive nature of the product. How much is the amortization of patent at Dec 31, 20X1?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 7CE

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