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What amount should be reported as gain from sale

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Question - Gray Company was granted a patent on January 1, 2014 and appropriately capitalized P450,000 of related costs. The entity was amortizing the patent over the useful life of 15 years. During 2017, the entity paid P150,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, the entity sold the patent to the plaintiff for P750,000. The policy is to take no amortization in the year of disposal. What amount should be reported as gain from sale of patent in 2017?

a.150,000

b.240,000

c.270,000

d.390,000

Reference no: EM132639132

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