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What amount should be reported in balance sheet as patent

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Reference no: EM132904721

Problem 1: Pirate Company purchased a patent on January 1, 2011 for P428,400. The patent was being amortized over its remaining legal life of 15 years expiring January 1, 2026. On,Januarv 1, 2014. Pirate determined that the economic benefits of the patent would last longer than 10 years from the date of acquisition. What amount should be reported in the balance sheet as patent, net of accumulated amortization at December 31, 2017?

Reference no: EM132904721

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