Reference no: EM133190135
Questions -
Q1. On January 1, 2022, Bergs Corp owns 15,000 ordinary shares representing 15% of the shares outstanding of Knowie Corporation. The ordinary shares were acquired on November 12, 2021 at a cost of P750,000 and have a fair value of P800,000 on December 31, 2021. On January 2, 2022, Bergs sold half of its investment for P50 per share incurring a brokerage and commission expense of P10,000. How much is the gain on sale on January 2, 2022?
Q2. Bergs Corporation acquired a patent for a drug with remaining legal ang useful life of six years on January 1, 2019 for P6,000,000.
On January 1, 2021, a new patent is received for an improved version of the same drug. The new patent has a legal and useful life of twenty years.
What should be recorded as amortization expense for 2021?
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