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How much should pacific record as amortization expense

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Problem 1: Pacific Company bought a patent for P300,000 on January 2, 2000 at which time the patent had an estimated useful life of 10 years. On January 2, 2003, it was determined that this patent's useful life would expire at the end of 2006. How much should Pacific record as amortization expense for this patent for the year ending December 31, 2004?

(a) P70,000

(b) P60,000

(c) P52,500

(d) P30,000

Reference no: EM132699317

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