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Development costs to develop product

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A company incurred P100,000 of research and development costs to develop a product for which a patent was granted on January 1. 2019. Legal fees and other costs associated with registration of the patent totaled P300,000. The patent is being amortized over its legal life. On July 1. 2021, the company won and paid legal fees of P80,000 for the successful defense of the patent against an infringement lawsuit filed by another company.

1. How much is the carrying value of the patent on December 31, 2021?

a. P255.000 b. P248.800 c. P262.500 d. P335.000

2. How much is the total expenses for the year 2021?

a. P15.000 b. P95,000 c. P80,000 d. P87,500

3. How much is the total expenses for the year 2020 assuming the company did not win the lawsuit?

a. P80.000 b. P262,500 c. P87.500 d. P350,000

Reference no: EM133234921

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