Question: WE have been using a 10 year total useful life on a patent which has been employed for 5 years.WE had purchased it immediately after

WE have been using a 10 year total useful life on a patent which has been employed for 5 years.WE had purchased it immediately after it was granted from another company for P20,000 which was the only cost relevant to the patent.At the very beginning of Year 6, WE successfully defended it at a cost of P26,000 and decided to change the total useful life to its legal life.What is the amortization of patent in Year 6?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

On January 1, 2020, Thick Company purchased patent from the inventor, who asked P110,000 for it.Thick paid for the patend as follows:cash P40,000; issuance of 1,000 shares of its own ordinary shares,...

On January 1, Year 5, Pen Company purchased 80% of the shares of Sacola for $800,000.On that date, Polka's shareholder's equity consisted of $300,000 of common shares and $555,000 of retained...

Hi so I am attaching a document with multiple questions, and would like a step to step process on what you get. I am trying to learn! Thanks so much! 15.) On Jan 1 of Year 1, Cameron Company...

Calculate adjusting journal entry X for Accounts receivable G E Debit 5,86,382 F Credit 1,30,307 4,56,075 75,000 75,000 1,07,500 1,07,500 26,061 26,061 2019 Account Titles 1-Jan Building Cash Notes...

CACNO12 RECOGNITION, MESUREAENT AND DISCLOSURE OF ASSETS Question PPE 10.4 On 1 October 2020 property, plant, and equipment of Kobia Limited consisted of the fallnwinn halances: The straight-line...

Hi, Please help me with responding to the discussion questions below because I'm having a hard time answering them myself. I have been up all night, and I'm unable to figure them out. I uploaded a...

Hello again, this is another class and I need your help again. I misunderstood the start date of the class so I'm a bit late for this first week so I'm sorry for having to ask you to finish some of...

Complete the Kal expression for H2CO3 in an aqueous solution. Kal = 4.45 10-7 = Answer Bank [H3O+] [H2CO3] [CO] [H3O+] [HCO3]

Figure 5.3 in the text illustrates the case of an industry that generates external social benefits with its production. Draw a supply and demand graph for an industry that creates external costs with...

You are required to develop a comprehensive supply chain management plan. You will develop a high level Supply Chain Management Plan for a fictional company in a country of your choice (not the...

Even though measurement of an intangible asset ( e . g . , unpaterted lechnology or customer relationships ) may lack precision, recognition of the identifed intangble may result in graber faithful...

Vardon Golf Ltd. is a privately held maker of golf clubs. For decades, it produced a full range of clubs, but recently most of its sales have come from hybrids, clubs that combine the best attributes...

Use the equipartition principle to calculate Cp for a) N 2 b) CO 2 c) SO 2 d) CH 4 in gas phase. First, consider the molecules as rigid, then classically vibrating. The solutions should be in J/(K...

28. A y ray can produce an electron-positron pair in the neighborhood of an electron at rest as well as a nucleus. Show that in this case the threshold energy is 4moc2. (Hint: Do not ignore the...

There are two basic foods that can be combined to prepare the meals for school children. The authorities has been charged with responsibility of ensuring that the students receive certain specified...

Complete the highlighted areas in the Markov analysis below to forecast availabilities for the next year, by job category. The notes below the table will assist you in doing this. Transition...

Question 2 3 A switch effectively divides a ( n ) by making forwarding decisions and not just repeating electrical signals Broadcast domain Routing domain Switching domain Collision domain

8. Based on the model in Fig. 10.2 in this chapter, analyse yourself and find out which cell you would place yourself in. Let another person in the group analyse you. Did he/she choose the same cell...

9. Take four examples from your own everyday life where someone has tried to influence you. Which of the seven influencing techniques mentioned above were used? Did they use any other influencing...

10. First test yourself and then let another member of the group test you in relation to the following questions. If deviations occur, discuss why this might be. What can the results of this test be...