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How much is the patent at year-end

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Question 1 - Greece Company developed a new machine for manufacturing baseballs and is patented.

The related data costs at the beginning of the year are:

Purchase of special equipment to be used solely for development of new machine P 1,500,200

Research salaries and fringe benefits for engineers and scientists P300,500

Cost of testing prototype P280,000

Fees paid to government patent office P80,500

Drawings required by patent to be filled with patent application P32,800

How much is the patent at year-end?

Question 2 - Haiti Company acquired a patent for drug with a remaining legal and useful life of 5 years on January 1, 2017, for P5,520,000. The entity used the straight line amortization.

On January 1, 2020, a new patent is received for an improved version of the same drug. The new patent has a legal and useful life of 12 years.

How much is the amortization expense for 2020?

Reference no: EM133057084

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