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What amount should be reported for the patent

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Reference no: EM132567859

Question - On January 1, 2016, Jericho Company purchased a patent for P7,140,000. The patent is being amortized over the remaining legal life of 15 years expiring on January 1, 2031. During 2019, the entity determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported for the patent, net of accumulated amortization, on December 31, 2019?

A. 4,282,000

B. 4,896,000

C. 5,050,000

D. 5,236,000

Reference no: EM132567859

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