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What is carrying value of the patent on december

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Reference no: EM132787701

On July 1, 2017, Polar Electronics, a manufacturer of microprocessors, acquired a patent for P425,000. The patent has a useful life of 10years but a legal life of 20 years. The policy f the company is to amortized its intangible assets using the straight line method to the nearest full month. On January 10, 2018 the company was engaged in a lawsuit relating to this patent but successfully defended it against it competitor with a cost of P63,750

  • In 2019 due to the rapidly changing nature of the micro processors, management changed its estimate of the useful life of the patent to four years excluding the current year.

Problem 1: Carrying value of the patent on December 31, 2018

Problem 2: Amortization expense in 2020

Reference no: EM132787701

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