Yellow Company spent P12,000,000 during the current year developing a new software package. Of this amount, P4,000,000 was spent before it was at the application development stage and the package was only to be used internally. The package was completed during the year and expected to have a four-year useful life. The entity has a policy of taking a full year amortization in the first year. After the development stage, an amount of P50,000 was spent on training employees to use the program. 

What total amount should be reported as an expense for the current year?

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To determine the total amount that should be reported as an expense for the current year ... View the full answer