Reference no: EM132981423
Question - During 2021, an entity had the following transactions:
On January 7, purchased the net asset of another entity for P540,000. The fair value of the other entity's identifiable net assets was P258,000, the entity believes that the life of the resulting goodwill is unlimited.
On February 1, purchased a franchise to operate a ferry service from the government for P90,000 and an annual fee of 2% of ferry revenues. The franchise expires after ten years. The entity received P30,000 of ferry revenues in 2021.
On April 5, was granted a patent that had been applied by the entity. During 2021, the entity incurred legal costs of P81,600 to register the patent and an additional P136,000 to successfully prosecute a patent infringement suit against a competitor. The entity estimates the patent's economic life to be ten years.
The entity has determine that it is appropriate to amortize these intangible on the straight-line basis over the maximum period permitted by generally accepted accounting principles, taking a full year's amortization in the year of acquisition.
Required - Calculate the total expense to be recognized in 2021 income statement resulting from the foregoing intangible assets.
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