Reference no: EM132887374
Bloom Co. had the following transactions for the year 2020 during its first year of operations:
a. Incurred and paid P100,000 legal fees in connection with the organization of the company into a corporation on January 2, 2020.
b. Patented a newly developed product on January 5, 2020, paying attorney's fee of P40,000 and licensing fees of P5,000.The patent is estimated to last for 5 years.
c. Entered into a six year contract to lease an office space for a monthly rental of P20,000 on April 1, 2020. Paid one-year rent amounting to P240,000.
d. On March 33,2020, the company constructed and installed new partitions and fixtures on the leased facilities at a cost of P150,000 which are estimated to last for 10 years.
e. Purchased land to be used as research and development site worth P200,000.
Required:
Problem 1: Journal entries to record the foregoing transactions including amortizations and depreciations, if any.
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Journal entries to record the foregoing transactions
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