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Find what amount should be reported as trademark

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Reference no: EM132592954

Quetsion 1: On January 1, 2010, Boracay Company bought a trademark from Lamitan Company for P3,000,000. Boracay retained an independent consultant who estimated the trademark's life to be indefinite. Its carrying amount in Lamitan's accounting records was P1,500,000. In the December 31, 2010 statement of financial position, what amount should be reported as trademark?

Option A. 3,000,000

Option B. 1,500,000

Option C. 2,850,000

Option D. 0

Reference no: EM132592954

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