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What amount should be amortized for the year ended December

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Question - Palmas purchased the license for distribution of a popular consumer product on January 1, 2020, for P 300,000. It is expected that this product will generate cash flows for an indefinite period of time. The license has an initial term of 5-years but by paying a nominal fee, Palmas can renew the license indefinitely for successive 5-year terms. What amount should be amortized for the year ended December 31, 2020?

In early January 2019, Ron Corporation applied for a trade name, incurring legal costs of P180,000. In January 2020, Ron incurred P 78,000 of legal fees in a successful defense of its trade name.

Reference no: EM132748960

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