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How much is the carrying amount of the patent on December

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Question - On January 1, 2016, J-Hope Company incurred a P2,500,800 cost to develop a product design of the patent. During that year, Development costs incurred after technological viability are P1,007,500 and additional legal fees and other costs associated with registration of the patent are P287,900.

During 2019, the entity paid P800,000 for legal fees in a successful defense of the patent.

The patent's legal life is 10 years and the useful life of 12 years.

Required - How much is the carrying amount of the patent on December 31, 2020?

Reference no: EM132858895

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