Solution-What amount should start-up report as loss

What amount should start-up report as loss

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Reference no: EM133158175

Question - On January 2, 2021, the Start-Up Company purchased a patent for a new consumer product for P90,000. At the time of purchase, the patent was valid for 15 years. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. On December 31, 2022, the product was removed from the market under governmental order because of a potential health hazard present in the product. What amount should Start-Up report as loss from obsolescence during 2022, assuming amortization is recorded at the end of each year?

Reference no: EM133158175

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What amount should start-up report as loss

Reference no: EM133158175

Reference no: EM133158175

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