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Question - Feriol Manufacturing Company acquired three patents in January 2011. The patents have different lives as indicated in the following schedule:
Cost
Remaining Useful life
Remaining legal life
Patent A
P250,000
10 years
17 years
Patent B
545,000
5 years
7 years
Patent C
1,312,400
indefinite
Patent C is believed to be uniquely useful as long as the company retains the right to use it. In January 2012, the company unsuccessfully attempted to defend its right to Patent B. Legal fees of P254,000 were incurred in this connection.
The company's policy is to amortize intangible assets by the straight-line method to the nearest half year. The company reports on a calendar year basis.
Required - How much is the amortization of the patents for the year 2012?
a. P211,200
b. P169,760
c. P156,700
d. P102,200
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