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Determine net effect to net income due to transactions

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Reference no: EM132912118

Question - On January 1, 2012, A Company incurred P2,400,000 in order to register a patent for one of its newly developed products. The patent was estimated to have a useful life of 10 years.

On January 1, 2016, the company spent P720,000 in successfully prosecuting an attempted patent infringement.

On January 1, 2017, the company purchased another patent for P1,400,000 in order to extend the life of its original patent by 5 years.

On July 1, 2020, a competitor obtained rights to a patent that made the company's patent obsolete.

Required - Determine net effect to 2020 net income due to transactions related to the company's patents.

Reference no: EM132912118

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