How much is the loss from the patent obsolescence

Reference no: EM132700772

Problem 1: Bylsma Company spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made Bylsma's patent obsolete. How much is the loss from the patent obsolescence?

Reference no: EM132700772

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