What amount in charged to loss on patent writeoff

Reference no: EM132703179

In 2019, Feuermann Company spent P1,000,000 for the research and development of the patent. On January 1, 2020, the company paid P240,000 to apply for and obtain right to the patent. The useful life of the patent is 10 years. On January 1, 2021, the company purchased for P2,400,000 a new patent that is expected to prolong the life of the original patent by 6 years. On December 31, 2022, a competitor obtained rights to a patent which rendered the entity's patent obsolete.

Problem 1: What is the amortization expense in 2022?

Problem 2: What amount in charged to Loss on patent writeoff in 2022?

Reference no: EM132703179

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