Cyclops Company has its own research department. However, the company purchases patents from time to time. The following is a summary of transactions involving patents now owned by the company. During 2014 and 2015, Cyclops spent a total of P459,000 in developing a new process that was patented (Patent A) on April 1, 2016; additional legal and other costs of P50,000 were incurred. A patent (Patent B) developed by Nanette Inventor, an inventor, was purchased for P187,500 on December 1, 2017, on which date it had an estimated useful life of 12 ½ years. During 2016, 2017 and 2018, research and development activities cost P510,000. No additional patents resulted from these activities. A patent infringement suit brought by the company against a competitor because of the manufacture of articles infringing on Patent B was successfully prosecuted at a cost of P42,600. A decision in the case was rendered in June 2018. On July 1, 2019, Patent C was purchased for P172,800. This patent had 16 years yet to run. During 2020, Cyclops experienced P180,000 on patent development. However, the company is still undecided as to how the patent, if approved by the Bureau of Patents, will generate probable future economic benefits. Assume that the legal life of each patent is also its useful life. Required: Prepare the journal entries for the above transactions and related amortization from 2014 to 2020. Determine the following: Patent A’s carrying amount on December 31, 2020 Patent B’s carrying amount on December 31, 2020 Patent C’s carrying amount on December 31, 2020 Total amortization expense for the year ended December 31, 2020 these are all the information given.