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What is the carrying value of the franchise on December

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Reference no: EM132885184

Question - Universe company bought a franchise from International Corporation on January 1, 2012 for P4,080,000. An independent consultant retained by Universe estimated that the remaining useful life of the franchise was 20 years. Its unamortized cost on International's books at January 1, 2012 was P1,360,000. Universe decided to amortize the franchise over the maximum period allowed. What is the carrying value of the franchise on December 31, 2014?

Reference no: EM132885184

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