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What amount should be charged to patent amortization expense

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Reference no: EM132765547

Problem 1: Enrile Co. purchased a patent on January 1, 2018 for P714,000. The patent was being amortized over its remaining legal life of 15 years expiring on January 2025. During 2020, Enrile determined that the economic benefits of the patent would not lasts longer than 10 years from the date of acquisition. What amount should be charged to patent amortization expense for the year ended December 31, 2020?

a. P 47,600
b. P 71,400
c. P 81,600
d. P142,800

Reference no: EM132765547

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