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Determine the carrying value of the patent at the end

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Reference no: EM133169979

Question - LANET Corp. engaged in the following transactions at the beginning of 2021:

- Acquired a patent for 895,550 that had been originally filed in January 2015. The acquisition was made to protect another patent that the company had filed for in January 2017 and subsequently received.

- Also, P175,000 was paid to lawyers for the services to successfully defend the patent acquired in previous transaction.

The competing patent purchased to protect another patent with a life of 16 years has a remaining legal life of 14 years.

Required - Determine the carrying value of the patent at the end of 2021.

Reference no: EM133169979

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