Transactions during 2020 of the newly organized SKL Corporation included the following: Jan. 2 Jan 15...

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Transactions during 2020 of the newly organized SKL Corporation included the following: Jan. 2 Jan 15 Apr. 30 July 1 Paid legal fees of P260,000 and stock certificate costs of P94.000 to complete organization of the corporation. It is estimated that in 12 years, other companies will have developed improved processes. making the SKL Corporation process obsolete. May 1 Dec. 31 Hired a clown to stand in front of the corporate office for 2 weeks and hound out pamphlets and candy to create goodwill for the new enterprise. Clown cost. P20.000: pamphlets and candy, P6.000. Patented a newly developed process with costs as follows: Legal fees to obtain patent P 530.000 70,000 Patent application and licensing fees Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 7.000 shares of SKL's no-par common stock selling for P62 per share. The license is worth twice as much as the trademark, both of which may be used for 5 years. Constructed a shed for P2.000.000 to house prototypes of experimental models to be developed in future research projects. Incurred salaries for an engineer and chemist involved in product development totalling P1.750,000 in 2020. QUESTIONS: Based on the above data and the result of your audit, determine the following: 1. Cost of patent 2. Cost of licenses 3. Cost of trademark 4. Carrying amount of Intangible Assets 5. Total amount resulting from the foregoing transactions that should be expensed when incurred Transactions during 2020 of the newly organized SKL Corporation included the following: Jan. 2 Jan 15 Apr. 30 July 1 Paid legal fees of P260,000 and stock certificate costs of P94.000 to complete organization of the corporation. It is estimated that in 12 years, other companies will have developed improved processes. making the SKL Corporation process obsolete. May 1 Dec. 31 Hired a clown to stand in front of the corporate office for 2 weeks and hound out pamphlets and candy to create goodwill for the new enterprise. Clown cost. P20.000: pamphlets and candy, P6.000. Patented a newly developed process with costs as follows: Legal fees to obtain patent P 530.000 70,000 Patent application and licensing fees Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 7.000 shares of SKL's no-par common stock selling for P62 per share. The license is worth twice as much as the trademark, both of which may be used for 5 years. Constructed a shed for P2.000.000 to house prototypes of experimental models to be developed in future research projects. Incurred salaries for an engineer and chemist involved in product development totalling P1.750,000 in 2020. QUESTIONS: Based on the above data and the result of your audit, determine the following: 1. Cost of patent 2. Cost of licenses 3. Cost of trademark 4. Carrying amount of Intangible Assets 5. Total amount resulting from the foregoing transactions that should be expensed when incurred

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Based on the provided data we can determine the following 1 Cost of patent The cost of patent includ... View the full answer