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What amount should be reported as accumulated amortization

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Reference no: EM132765528

Problem 1: On January 2, 2020, Faye Co. bought a trademark from Krug Co. for P1,000,000. Faye retained an independent consultant, who estimated the trademark's remaining life to be 20 years. Its unamortized cost in Krug's accounting records was P760,000. Faye decided to amortize the trademark over the maximum period allowed. In Faye's December 31, 2020, balance sheet, what amount should be reported as accumulated amortization?

Option 1: P50,000
Option 2: P40,000
Option 3: P19,000
Option 4: P15,200

Reference no: EM132765528

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