Question: In 20x1, G Co. started to develop a patent. Total costs incurred during the year amounting to P400,000. On January 1, 20x2, the patent was

In 20x1, G Co. started to develop a patent. Total costs incurred during the year amounting to P400,000. On January 1, 20x2, the patent was fully developed. Legal and registration cost incurred in registering the patent amounted to P300,000. It was estimated that the patent has a useful life of 25 years. How much is the carrying amount of the patent on December 31, 20x2

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