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Information concerning A Corporation's intangible assets is as follows: The corporation incurred P78,000 of experimental and development costs in its laboratory to develop a patent which was granted on January 2, 2020. Legal fees and other costs associated with registration of the patent totaled P16,400. Management estimates that the useful life of the patent will be 8 years. On January 1, 2020, the company signed an agreement to operate as a franchisee, for an initial franchise fee of P85,000. Of this amount, P25,000 was paid when the agreement was signed and the balance is payable in 4 annual payments beginning January 1, 2021. The agreement provides that the downpayment is not refundable and and no future services are required of the franchisor, The company used an appropriate discount rate of 14% to estimate a present value of future payments of P43,700. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. The corporation's franchise revenue for 2020 was P900,000. It is estimated that the useful life of the franchise is 10 years. A trademark was purchased from another company for P40,000 on July 1, 2017. Expenditures for successful litigation in defense of the trademark totaling P10,000 were paid on July 1, 2020. The legal life of trademark is 10 years from date of acquisition, renewable for another 10 years. Determine total expenses recorded in 2020 related to these intangible asset transactions. 72.038 O 65.920 63.920 O 70.038