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How much is the carrying amount of the patent on december

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Question 1 - In 20x1, VENERATE RESPECT Co. started to develop a patent. Total costs incurred during the year amounted to 400,000. On January 1, 20x2, the patent was fully developed. Legal and registration costs incurred in registering the patent amounted to 240,000. It was estimated that the patent has a useful life of 25 years. How much is the carrying amount of the patent on December 31, 20x2?

a. 614,400

b. 608,000

c. 230,400

d. 228,000

Question 2 - In 20x4, VENERATE Co. started to develop a new improved patent to extend the life of the old patent. Development costs totaled 800,000. How much is the carrying amount of the patent on December 31, 20x4?

a. 204,000

b. 870,400

c. 1,272,000

d. 216,000

Reference no: EM132543544

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