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How much is the total intangible assets

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Reference no: EM132951085

Question - Mr. Queen acquires 3 patents from Vincenzo Corp. for a total of P360,000. The patents were carried on Vincenzo's books as follows: Patent Busan: P5,000; Patent Seoul: P2,000; and Patent Jeju: P3,000. When Mr. Queen acquired the patents their fair market values were: Patent Busan: P20,000; Patent Seoul: P240,000; and Patent Jeju: P60,000. How much is the total intangible assets?

Reference no: EM132951085

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