Gratitude Company incurred the following costs during 2019: Design of tools, jigs, molds and dies involving...

 

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Gratitude Company incurred the following costs during 2019: Design of tools, jigs, molds and dies involving new technology Modification of the formulation of a process Legal fees of registering a trademarks and costs of design Trouble shooting in connection of breakdowns during commercial production Self-constructed and assembled industrial equipment Adaptation of an existing capability to a particular customer's need as part of a continuing commercial activity Other research and development costs Registration of patents P1,500,000 1,250,000 7,200,000 2,000,000 4,100,000 2,700,000 3,520,000 4,800,000 The trademark has 8 years remaining in its legal life. However, it is anticipated that the trademark will be routinely renewed in the future. The patent was registered at the beginning of the current period has an economic life of 10 years. The equipment completed on January 4, 2019 has a residual value of P100,000 and an estimated useful life of 5 years. How much is the carrying amount of the intangible assets after amortization? Gratitude Company incurred the following costs during 2019: Design of tools, jigs, molds and dies involving new technology Modification of the formulation of a process Legal fees of registering a trademarks and costs of design Trouble shooting in connection of breakdowns during commercial production Self-constructed and assembled industrial equipment Adaptation of an existing capability to a particular customer's need as part of a continuing commercial activity Other research and development costs Registration of patents P1,500,000 1,250,000 7,200,000 2,000,000 4,100,000 2,700,000 3,520,000 4,800,000 The trademark has 8 years remaining in its legal life. However, it is anticipated that the trademark will be routinely renewed in the future. The patent was registered at the beginning of the current period has an economic life of 10 years. The equipment completed on January 4, 2019 has a residual value of P100,000 and an estimated useful life of 5 years. How much is the carrying amount of the intangible assets after amortization?

Answer rating: 100% (QA)

The image contains a list of costs incurred by Gratitude Company in 2019 and information about a trademark and a patents useful life and residual value To calculate the carrying amount of the intangib... View the full answer