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How much is the gain on disposal recognized in andre co

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Reference no: EM132526028

Question 1: Andre Co. Was granted a patent on January 1, 20x1. The patent was approriately recognized at 800,000 and estimayed to have a useful life of 10 years. In 20x3, Andre Co. incurred 100,000 in successfully defending the patent in an infringement suit. However, two months after the suit, Andre Co. sold the intangible asset to the olaintoff for 600,000. Andre Co.'s policy is to recognize a full-year's amortization in the year of acquisition and none in the year of derecognition. How much is the gain(loss) on disposal recognized in Andre Co.'s statement of profit or loss?

Reference no: EM132526028

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