Colgate Co. bought a trademark from Crest Corp. on May 1, 2019 for P300,000. Its unamortized cost on Crest's accounting records was P112,000. Colgate decided to amortize the trademark over its legal life from the date of purchase. In Colgate's December 31, 2019, Financial Position what amount should the trademark be reported?

Answer rating: 100% (QA)

The carrying value based on assumed 5year legal life is P 260000 Exp... View the full answer