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What amount should intangible asset be initially recorded

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Reference no: EM132904720

Problem 1: On January 1, 2018, M Company acquired an intangible asset from a foreign company. The invoice price of the intangible was P10,000,000 subject to a 10% discount if acquired on a cash basis. M Company paid P2,000,000 import duties and professional fees of P100,000 in relation to its acquisition. At what amount should the intangible asset be initially recorded in the books of M Company?

Reference no: EM132904720

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