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Prepare journal entries record the expenditures

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Question - Razor Company was granted a patent for an invention on January 1, 2020. On January 1, 2022, On January 1, 2023, The costs of licensing and registration, models and drawings amounted to P255,000.

The entity paid P90,000 in successfully defending the patent in an infringement suit brought against the entity.

The entity paid P510,000 for the acquisition of a competing patent which has a remaining life of 16 years. The competing patent is intended to protect the original patent.

Required - Prepare journal entries from 2020 to 2023 to record the expenditures in connection with the patent, including the annual amortization of patent.

Reference no: EM132878350

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