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What amount should guava co report as patent net

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Reference no: EM132894073

Problem 1: On January 1, 2016, Guava Co. bought a patent for P270,000. Amortization is being made over its remaining life of 10 years expiring on January 1, 2026. During 2020, Guava Co. estimated that the economic life of the patent will be 7 years from the date of acquisition. What amount should Guava Co. report as patent net of accumulated amortization in its December 31, 2020 balance sheet?

a) P1,600,000
b) P108,000
c) P54,000
d) P23,143
e) answer not given

Reference no: EM132894073

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