Patent 1 was purchased on July 1, 2021 for P120,000. Pancake Co. spent additional P35,000 early...

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Patent 1 was purchased on July 1, 2021 for P120,000. Pancake Co. spent additional P35,000 early on 2022 to improve the patent. On acquisition, the patent has a remaining legal life of 12 years and a remaining useful life of 8 years. Compute for the adjusted balances of the accounts related to Patent 1. Case 2: Patent 2 Patent 2 was self-created in 2021 for a total cost of P200,000. The costs were recognized on December 31, 2021. On September 1, 2022, Pancake Co. registered the patent for a total cost of P60,000. The registration costs were charged as R&D expense. Patent 2 was assessed to have a useful life of 25 years. Compute for the adjusted balances of the accounts related to Patent 2. Case 3: Organization Costs The organization costs were incurred at the beginning of 2021. Pancake is amortizing these costs over a period of 5 years. Compute the adjusted balances of the accounts related to organization costs. Case 4: Software Costs The software costs pertain to design and planning costs of application software that is being developed for use in the manufacturing processes of Pancake. The costs incurred were P100,000 and P90,000 in 2021 and 2022, respectively. The costs were recorded on December 31 of those years and are being amortized over a period of 10 years. As of December 31, 2022, the technological feasibility of the software has not yet been established. Compute for the adjusted balances of the accounts related to software costs. Patent 1 was purchased on July 1, 2021 for P120,000. Pancake Co. spent additional P35,000 early on 2022 to improve the patent. On acquisition, the patent has a remaining legal life of 12 years and a remaining useful life of 8 years. Compute for the adjusted balances of the accounts related to Patent 1. Case 2: Patent 2 Patent 2 was self-created in 2021 for a total cost of P200,000. The costs were recognized on December 31, 2021. On September 1, 2022, Pancake Co. registered the patent for a total cost of P60,000. The registration costs were charged as R&D expense. Patent 2 was assessed to have a useful life of 25 years. Compute for the adjusted balances of the accounts related to Patent 2. Case 3: Organization Costs The organization costs were incurred at the beginning of 2021. Pancake is amortizing these costs over a period of 5 years. Compute the adjusted balances of the accounts related to organization costs. Case 4: Software Costs The software costs pertain to design and planning costs of application software that is being developed for use in the manufacturing processes of Pancake. The costs incurred were P100,000 and P90,000 in 2021 and 2022, respectively. The costs were recorded on December 31 of those years and are being amortized over a period of 10 years. As of December 31, 2022, the technological feasibility of the software has not yet been established. Compute for the adjusted balances of the accounts related to software costs.

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