ransactions during 2020 of the newly organized Atomic Corporation included the following: • Patented a newly developed process. Legal fees to obtain the patent amounted to P60,000 while patent application and licensing fees were P25,000. • Acquired both a license to sell a special type of product and a distinctive trademark to be printed on the product for a total of P150.000. The license is worth twice as much as the trademark. • Constructed a shed for P200,000 to house prototypes and experimental models to be developed in future research projects. • Incurred salaries for an engineer and chemist involved In product development totaling P220,000 in 2020. What is the total cost to be capitalized as intangible assets?
Transactions during 2020 of the newly organized Atomic Corporation included the following:
• Patented a newly developed process. Legal fees to obtain the patent amounted to P60,000 while patent application and licensing fees were P25,000.
• Acquired both a license to sell a special type of product and a distinctive trademark to be printed on the product for a total of P150.000. The license is worth twice as much as the trademark.
• Constructed a shed for P200,000 to house prototypes and experimental models to be developed in future research projects.
• Incurred salaries for an engineer and chemist involved In product development totaling P220,000 in 2020.
What is the total cost to be capitalized as intangible assets?
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