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Prepare journal entries

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Reference no: EM132880153

Question - Blade Company spent a total of P510,000 in developing a patent which was applied for on July 1, 2020. The patent was issued on January 1, 2021.

The cost of licensing was nominal and the useful life of the patent is 15 years.

On January 1, 2023, the entity purchased a related patent for P720,000. The related patent has a remaining useful life of 16 years. This related patent is believed to extend the useful life of the old patent.

On January 1, 2024, the entity purchased a competing patent' for P540,000 in order to protect the original patent.

Required - Prepare journal entries from 2020 to 2024.

Reference no: EM132880153

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