Compute the total capitalizable cost (column a) and provide the economic useful life in years (column b) of the intangible asset for the following cases. Assume that the asset was purchased on Jan.1, 2020 unless otherwise stated. If the useful life is indefinite, answer 12345. If the useful life requirement is not applicable answer 6789.

The entity bought a copyright from the family of a song composer. It was bought 3. for P4,000,000, payable equally every year-end for five years. The effective interest rate of similar notes is 7%. The composer died on Mar. 1, 2018. The entity rounds down the useful life of long-lived assets to the closest half-year. Fishing rights to the eastern side of the island were given by the local government 11. 12. to the entity. Similar rights have a fair value of P10.000,000. The entity incurred P100,000 costs in the legal turnover of the legal papers. The entity opted to record the right at nominal amount. The right is good for 50 years but the entity has committed to sell the rights for P8,000,000 after 40 years. The right is legally tra nsferrable