Reference no: EM133135825
Question 1 - Crystal Company summarized the following transactions pertaining to its patent. 2012 Spent P250, 000 for the research and development of the patent.
2013
Jan. 1 - Paid P60, 000 to apply for and obtain right to the patent. The useful life of the patent is 10 years.
2014
Jan. 1 Purchased for P600, 000 a new patent that is expected to prolong the life of the original patent by 6 years.
2015
Dec. 31 A competitor obtained rights to a patent which rendered the entity's patent obsolete.
Required - Prepare all entries relating to the patent from 2012 to 2015.
Question 2 - Sanity Company acquired a copyright to a best seller novel for P285, 000 on January 1, 2012. The copyright has a remaining legal life of 20 years.
Sales of the novel are estimated as follows:
2012 50,000 copies
2013 30,000 copies
2014 10, 000 copies
2015 5,000 copies
Required - Prepare all indicated entries for 2012 and 2013.
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