Reference no: EM132938035
Question - Boston Company acquired a patent right on January 1, 2019 for P500,000. The asset has a legal life of 15 years but due to the rapidly changing technology, management estimated a useful life of only five years.
On December 31, 2020, management is uncertain that the process can actually be made economically feasible, and decides to write down the patent to its recoverable amount of P150,000. Amortization will be taken over three years from that time.
On January 1, 2022, after having perfected the related production process, the asset is now appraised at a sound value of P600,000. Furthermore, the estimated useful life is now believed to have extended by six more years. The company uses the straight-line method of amortization.
Required - Journal entries from January 1, 2019 to December 31, 2022, with supporting computations of the following:
a. Amortization expense for the year 2019
b. Impairment loss recognized in 2020
c. Patent carrying value at December 31, 2021
d. Revaluation surplus to be recognized in 2022
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