Reference no: EM132856789
Question - Drama Company, which was organized in 2019, has only one account for all its Intangibles. The following are the entries made to the account for the years 2019 and 2020:
DATE PARTICULARS AMOUNT
07.01.2019 Franchise expiring on June 30, 2027 P 252,000
10.01.2019 Advance payment on lease expiring on October 1, 2021 168,000
12.31.2019 Net loss in 2019 including incorporation fee of P 6,000 and org. cost, P30,000 96,000
01.02.2020 Acquired Patent with useful life of 10 years 444,000
03.01.2020 Cost of developing secret formula 450,000
04.01.2020 Goodwill purchased 1,670,400
07.01.2020 Legal fees for successful defense of Patent 75,900
10.01.2020 Research and development costs on new project
Required - Compute the unamortized franchise cost at December 31, 2020?
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